Plug Power stock gains on 280 MW electrolyzer deal with Arcadia
Investing.com -- Plug Power Inc (NASDAQ: PLUG)) shares rose almost 5% in premarket trading Tuesday following the company's announcement of a 280-megawatt electrolyzer supply agreement with Arcadia eFuels for Project ENDOR in Denmark.
The deal includes a strategic cooperation agreement positioning Plug as the preferred electrolyzer supplier for more than 1 gigawatt of Arcadia eFuels' e-SAF projects across Europe and the Americas. The agreement follows three years of joint engineering work, with deliveries set to begin after the project issues notice to proceed.
The strategic cooperation agreement extends beyond ENDOR to four additional Arcadia eFuels projects in Europe and the Americas, representing more than 1 GW of potential electrolyzer capacity. The deal also provides Arcadia eFuels with priority access to Plug's manufacturing capacity as each project advances.
The e-SAF market is expanding as the EU's ReFuelEU Aviation mandate requires a rising share of sustainable aviation fuel at European airports, including a sub-target reserved for synthetic fuels from 2030.
Plug is executing multiple projects with combined capacity in the multi-gigawatt range across Denmark, the U.K., Spain, and Portugal, including a 100 MW GenEco installation at Galp's Sines refinery.