Plug Power Advances 4% on Biggest Electrolyzer Project Yet and Clear Path to Profitability
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Plug Power's stock has risen 4% after securing a landmark electrolyzer contract for a green hydrogen project in Canada. The company aims to achieve profitability by 2028, driven by operational discipline and a strong sales pipeline.
Plug Power has won a contract to supply a 275 MW electrolyzer system for Hy2gen Canada's project in Quebec. The project will produce green hydrogen using low-carbon electricity. Construction is set to begin in 2027 and be completed by 2029. This is the largest electrolyzer project for Plug Power to date. The company has shipped over 300 MW of electrolyzers globally and has an $8 billion sales funnel. Plug Power's new CEO aims to achieve profitability by 2028 through operational discipline and margin improvement.
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