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Plug Power Stock Price Edges Higher on Egypt Fertiglobe Deal

Updated: 24 Nov 2021

Plug Power (NASDAQ: PLUG), the hydrogen powerhouse that is impressing clean-energy investors across the globe, today announced a further expansion project – this time in Egypt – providing the technology for a 100 megawatts electrolyzer in order to produce green hydrogen as feedstock for up to 90,000 tons of green ammonia, produced at EBIC in Ain Sokhna, Egypt. 

The partnership consists of multiple parties; Fertiglobe, the partnership between the OCI NV, Abu Dhabi National Oil Company, Scatec ASA, and the sovereign fund of Egypt and Orascom Construction. 

Egypt will prove a prime location for Plug Power’s latest venture – with strong renewables in wind and solar and proximity to markets that currently have a hydrogen deficit making it a perfect location for the production of green ammonia, which requires solar and wind rather than natural gas. 

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Green ammonia, if you’re wondering, acts as a carrier for hydrogen, allowing its safe storage and transportation for the decarbonization of various sectors that represent almost 80% of greenhouse gases. 

Andy Marsh, Plug Power CEO, stated:

“Plug Power congratulates the members of Egypt’s Green Hydrogen Consortium, including Fertiglobe, Orascom Construction, and others, on their plans to develop the country’s first green hydrogen production facility…We are thrilled by the Consortium’s exciting move to put Egypt and the MENA region on the green hydrogen map.”

This is the latest in a string of successes for the company, but yet again the market hasn’t reacted in the way that we might expect. Regardless, Plug Power is proving itself as a game-changer in the clean energy sector, and it’s time investors took note. Currently, PLUG stock is trading with a daily gain of 0.50%, with a price of $42.47

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