Published on 28 Dec 2023 on Zacks via Yahoo Finance
Plug Power (PLUG) Installs Electrolyzer at Amazon Facility
Plug Power Inc. PLUG recently installed and commissioned a one-megawatt proton exchange membrane electrolyzer at Amazon.com, Inc.’s AMZN Aurora, CO-based fulfillment center.Amazon, one of the largest e-commerce providers, with sprawling operations in North America, now spreading across the globe. The company has business in e-commerce, cloud computing, online advertising, digital streaming, and artificial intelligence.PLUG’s electrolyzer system, which is the first one installed in an Amazon center, utilizes electricity and water to generate hydrogen. It is capable of generating low-carbon hydrogen to power over 225 hydrogen fuel cell-powered DEN8 forklift trucks at the Aurora based fulfillment facility. Notably, the Plug 1MW electrolyzer can support a maximum of 400 hydrogen fuel cell-powered forklift trucks.Apart from installing and commissioning, Plug Power also provided maintenance services for Amazon fulfillment center’s electrolyzer and hydrogen storage facility. PLUG’s model will use the excess electricity produced at the facility to generate and store hydrogen on site. It is worth noting that Plug Power has already replaced the batteries of forklifts with 17,000 hydrogen fuel cells in more than 80 Amazon fulfillment centers in North America.
Price Performance
In the past year, the PLUG stock has declined 61.5% against the industry’s 23.2% increase.