Where is Plug Power Inc. (PLUG) Headed According to Analysts?

Plug Power Inc. (NASDAQ:PLUG) is one of the best long-term penny stocks to invest in. Craig-Hallum analyst Eric Stine reiterated a Buy rating on Plug Power Inc. (NASDAQ:PLUG) on December 4, without assigning a price target. The same day, Plug Power Inc. (NASDAQ:PLUG) reported the signing of a letter of intent with Hy2gen for the installation of a 5MW PEM electrolyzer at Sunrhyse, which is Hy2gen’s flagship hydrogen production project in Signes, France.

Hy2gen develops, builds, finances, and operates plants for RFNBO-certified hydrogen production, and the letter of intent builds the foundation to support collaboration between Plug Power Inc. (NASDAQ:PLUG) and Hy2gen for the advancement of hydrogen use in southern France. Plug Power Inc. (NASDAQ:PLUG) added that it would support the distribution and transport of the hydrogen produced at Sunrhyse while continuing the expansion of its turnkey hydrogen forklift solutions for logistics bases across the region.

Management reported that the two companies are developing a global framework for renewable hydrogen production and distribution, boosting the energy transition across key international markets. The expansion of RFNBO-certified hydrogen production in France also marks a significant step in Plug Power Inc.’s (NASDAQ:PLUG) European growth strategy, which includes ongoing hydrogen production and supply operations in the Netherlands and Germany.

In another development, Plug Power Inc. (NASDAQ:PLUG) announced on December 1 the start of its contract with NASA for the supply of up to 218,000 kilograms (480,000 pounds) of liquid hydrogen to NASA’s Glenn Research Center in Cleveland, Ohio, and the Neil A. Armstrong Test Facility in Sandusky, Ohio.

Plug Power Inc. (NASDAQ:PLUG) would supply and deliver the liquid hydrogen through its own dedicated cryogenic transport fleet, employing its growing network of hydrogen production facilities across the United States.

The company reported that the contract has a value of up to $2.8 million and marks Plug Power Inc.’s (NASDAQ:PLUG) first-ever liquid hydrogen supply award from NASA, reflecting its ability to meet the agency’s stringent purity, performance, and reliability requirements for mission-critical operations. The award thus serves as a strategic support to the company for future opportunities in the sector.

Plug Power Inc. (NASDAQ:PLUG) provides alternative energy technology focusing on the development, design, manufacturing, and commercialization of hydrogen and fuel cell systems that are primarily employed for the material handling and stationary power markets.

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