Plug Power, Inc.(NASDAQ:PLUG) shares are trading higher in the premarket session on Tuesday.
In a press release, the company said it reached nameplate capacity at its hydrogen plants in Georgia and Tennessee.
With this increased supply from the hydrogen production network, Plug Power will benefit from a lower cost of hydrogen to achieve profitable growth.
Louisiana is on track to achieve mechanical completion by end of the third quarter of 2024, Plug Power said. The company's Louisiana plant (Joint venture with Olin Corporation (NYSE: OLN)) is projected to add 15 TPD of liquid green hydrogen to Plug Power's North American network by the end of the third quarter.
With the addition of the Louisiana plant, Plug Power will have 40 TPD of internal production capacity, meeting the majority of its customer's demand.
Under the latest development, the company's first green hydrogen plant in Georgia is already reaching a nameplate capacity of 15 tons per day (TPD) of liquid hydrogen production, marking a significant milestone for Plug Power's hydrogen network and the hydrogen economy in the U.S.
As a part of the company's efforts to restructure the business model, Plug Power implemented price increases across all its offerings, including equipment, service, and fuel.
Price Action: PLUG shares are trading higher by 4.38% to $2.599 premarket at the last check Tuesday.
Photo via Shutterstock