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Plug Stock Jumps 10% On Cell System Development

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Updated: 19 August 2020

Hydrogen energy company Plug Power Inc (NASDAQ:PLUG) has announced a new 1kW fuel system…

The news saw the company’s stock surge over 11% to highs of $14.34 per share, although, it is currently trading at $14.20, up 11.20% at the time of this publication.

Plug said that the 1kW ProGen fuel cell system is intended for small scale robotics, automatic guided vehicles, unmanned aerial vehicles and other aerospace applications.

The system is an expansion on the technology and product line of EnergyOr, a Montreal based fuel cell systems company that they acquired back in June 2019.

“ProGen hydrogen fuel cells allow devices with electric motors to run cleanly and efficiently. The 1kW ProGen lets Plug Power power everything from electric vehicles to small robotics and UAVs, and everything in between.

“Yet another solution to support the global supply chain,” said Plug’s CEO Andy Marsh.

The company stated that the fuel system is a larger and more powerful version of Plug’s ProGen 450W and that they will be launching the new system, which is protected by five US patents, into the market…

“Plug Power is now able to take its first steps into the world of aerospace and UAV applications with an incredibly powerful new fuel cell system. This product has incredible potential. In fact, I’d say the sky really is the limit,” said Marsh.