Plug Power (PLUG) Completes First Rotterdam Pipeline Fill, TD Cowen Downgrades

Plug Power Inc. (NASDAQ:PLUG) is one of the 13 Best American Penny Stocks to Invest In. On February 4, Plug Power Inc. (NASDAQ:PLUG) announced that it has completed the first hydrogen fill of Hynetwork’s 32-kilometer hydrogen pipeline in Rotterdam, Netherlands. The company supplied 32 tons of RFNBO-certified renewable green hydrogen and delivered a custom unloading infrastructure needed for the initial pipeline purging and filling operations.

Hynetwork is advancing construction across the Netherlands and Plug Power Inc.’s (NASDAQ:PLUG) work on the Rotterdam pipeline highlights its ability to provide full-stack hydrogen solutions in Europe, including production, certification, transportation equipment, custom engineering, EPC execution, and service support.

In other news, on January 9, TD Cowen downgraded its rating on Plug Power Inc. (NASDAQ:PLUG) from Buy to Hold and lowered the price target from $4 to $2.

TD Cowen pointed out that it is moving to the sidelines to watch the company’s execution, citing demand challenges in material handling and electrolyzers. The research firm also noted that Plug Power Inc.’s (NASDAQ:PLUG) electrolyzer ramp-up could take longer than expected.

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.