Plug Power receives new cryogenic equipment supply contracts

Plug Power Inc (NASDAQ: PLUG) is in the green at writing after announcing new cryogenic equipment supply agreements with unnamed companies. 

Here’s what it means for Plug Power stock

The $1.60 billion company based out of Latham, New York will supply a total of five cryogenic trailers for the transport of nitrogen, argon, oxygen and other industrial gases to a party in Canada. 

Deliveries, it added, are expected in the first quarter of 2025. Andy Marsh – the chief executive of Plug Power said in a press release today:

We’re successfully building long term strategic partnership with customers and supporting their need to get their gas products to market through liquefaction and truck trailer transportation.

Plug Power stock is currently down close to 50% versus the start of 2024. 

Watch here: https://www.youtube.com/embed/BdZBQApuGhM?feature=oembed

Other contracts $PLUG announced on Thursday

A statewide electric utility firm has also placed an order with Plug Power for LNG cryogenic mobile storage equipment, the press release added on Thursday. 

The hydrogen fuel cells company expects those deliveries to commence in the final quarter of 2024. Separately, $PLUG said it is close to finalising another cryogenic equipment supply deal with a “multinational industrial gas company” as well. 

The news arrives a couple months after the Nasdaq-listed firm reported record revenue for 2023. It, however, remained in $1.37 billion loss last year as Invezz covered here. 

Wall Street currently has a consensus “hold” rating on shares of Plug Power Inc. Analysts see upside in them to $5.12 on average.

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