Shares of Plug Power (NASDAQ: PLUG) trended upwards in pre-market trading on Thursday as the provider of turnkey hydrogen solutions bagged its largest order in Europe from Lhyfe, a renewable green hydrogen company.
Lhyfe has placed an order for ten 5 megawatt (MW) European manufactured PEM (proton exchange membrane) electrolyzer systems. With this order, Lhyfe is looking to produce renewable green hydrogen using wind and solar power for different mobility applications in Europe.
Andy Marsh, CEO of Plug, stated, “We’re moving quickly to deliver on a shared ambition with Lhyfe to reduce carbon emissions in Europe’s mobility sector at scale.”
This order is expected to strengthen PLUG’s presence in Europe.
Is Plug Power a Buy or Sell?
Analysts are cautiously optimistic about PLUG with a Moderate Buy consensus rating based on 12 Buys and six Holds.
PLUG’s average price prediction of $35.83 implies that the stock has an upside potential of 30.4%