Plug Power stock rose 5% in morning trading

Plug Power stock rose 5% in morning trading after announcing expansion to Europe with German headquarters.

Plug Power Inc. announced its expanding operations with a European headquarters in North Rhine-Westphalia in Germany. The announcement was formally made during a meeting between Andy Marsh, Plug Power CEO, and German minister Andreas Pinkwart in Washington D.C. this week.

The initial 70,000-square foot facility will house an innovation center with engineering labs and technical support, a monitoring, diagnostics and technical support center, a green hydrogen generator with an electrolyzer infrastructure on site, a shipping, inventor and logistics center, and a training space. The expansion to Europe will allow Plug to serve new and existing customers, while building relevant partnerships with leaders in hydrogen application.

“The expansion to Europe comes as Plug faces a growing customer base abroad with the burgeoning interest in green hydrogen energy,” Marsh said. “Green hydrogen serves as an instrumental part in transitioning from our reliance on fossil fuels, and Plug is well-positioned to fill the needs of customers ready to make the change.”

Roughly 30 employees will work at the facility, which will open at the start of 2022. By mid-2022, the workforce will increase to nearly 60 employees.

“Hydrogen is a key enabler for the climate friendly transformation of our industry as well the transportation sector. That is why we feel honored by Plug Power’s decision to come to the Ruhr area, the industrial heartland of Germany. This way we can be part of your growth story and contribute with excellent Universities and the highly skilled workforce to your success,” said Pinkwart, minister of economic affairs, innovation, digitalization and energy for the State of North Rhine-Westphalia in Germany.

“We are very pleased to have been able to win Plug Power with such pioneering technology for our location. The company enriches the energy region North Rhine-Westphalia and will benefit not only from a broad customer base but also from an innovative research environment,” said Felix Neugart, CEO of NRW Global Business.