Plug Power (PLUG) Signs Supply Deal for Electrolyzer Systems with Allied Biofuels

Plug Power Inc. (NASDAQ:PLUG) is one of the 12 Best American Penny Stocks to Buy Right Now. On October 30, Plug Power Inc. (NASDAQ:PLUG) shared that it signed a binding supply agreement with Allied Biofuels FE LLC (ABF) for up to 2 gigawatts (GW) of GenEco PEM electrolyzer systems.

This deal will help ABF develop sustainable aviation fuel (SAF), electro-sustainable aviation fuel (eSAF), and green diesel. According to the report by Plug Power Inc. (NASDAQ:PLUG), the final investment decision is expected in the fourth quarter of 2026.

Previously, Plug Power Inc. (NASDAQ:PLUG) partnered with Allied Green Ammonia in Australia for 3 GW. With this new supply agreement for 2 GW with ABF, the total contracted electrolyzer capacity between Plug Power Inc. (NASDAQ:PLUG) and its Allied partners has now reached 5 GW.

The company’s technology will be used at ABF’s sustainable aviation fuel (SAF) and electro-sustainable aviation fuel (eSAF) plant in Uzbekistan, a strategically chosen site that can serve global sustainable fuel markets.

Plug Power Inc. (NASDAQ:PLUG) is a global company specializing in hydrogen fuel-supply solutions. It provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to various industries, including material handling, industrial applications, and energy producers.

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Disclosure: None. This article is originally published at Insider Monkey.