Plug Power Inc. (NASDAQ: PLUG) stock rose sharply on the announcement of a partnership with online retailer Amazon.com Inc. (NASDAQ: AMZN).
Amazon is working towards zero emissions and plans to make hydrogen the primary way of achieving this aim. Amazon has struck a contract with Plug Power Inc. (PLUG) to supply hydrogen fuel for its massive fleet in order to do this.
PLUG will provide Amazon with about 11,000 tonnes of renewable hydrogen starting in 2025. This will be enough to keep 30 thousand forklifts and 800 big vehicles running.
This announcement clearly thrilled Plug Power’s investors. The essential point is that Amazon is the first technological behemoth to purchase hydrogen in such big quantities and under such long-term contracts.
This event is critical for public view of hydrogen energy’s future. The optimistic mood in the green energy sector has now been reinforced.
Many other major corporations are striving towards a zero-carbon footprint, which means eliminating the use of fossil fuels across the entire supply chain, from bringing paper clips to the office to powering massive enterprises.
In light of this, demand for hydrogen may increase, as it has the highest energy density at zero emissions.
The arrangement with Amazon is critical for Plug Power, and not just because it would raise the company’s revenue to $ 3 billion by 2025. The agreement with Amazon will enable Plug Power to meet its aim of producing 500 tonnes of liquid hydrogen per day in the North American market.
PLUG stock has a 5-day range of $25.47 to $31.56, with a total performance of +7.90% during that time period. Meanwhile, during the last month, this stock has moved in a range of $16.59 to $31.56, resulting in a +76.68% change. This stock’s price has moved by +69.64% in the last three months, moving in the range of $13.90 to $31.56.