Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
On Tuesday, hydrogen fuel cell company Plug Power (NASDAQ: PLUG) announced that it is expanding its operations with a European headquarters in North Rhine-Westphalia in Germany.
The announcement was made at a meeting between Plug Power CEO Andy Marsh and German minister Andreas Pinkwart in Washington D.C.
Plug will have an initial 70,000-square foot facility that 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 training space.
The company said around 30 employees will work at the facility at the start of 2022, increasing to nearly 60 employees by mid-2022.
Plug already has some presence in Europe after installing several PEM technology electrolyzers in Germany, France, The Netherlands, and Portugal. It also entered into a joint venture with Renault called HYVIA.
“The expansion to Europe comes as Plug faces a growing customer base abroad with the burgeoning interest in green hydrogen energy,” said Andy Marsh. “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.”
In its statement, the company said the expansion to Europe will “allow Plug to serve new and existing customers, while building relevant partnerships with leaders in hydrogen application.”
Plug Power shares are currently down 0.5% premarket at $24.09.
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