Plug Power stock (NASDAQ:PLUG) rose 2% Tuesday as the company broke ground on the site of a green hydrogen production plant in Georgia’s Camden County.
The company, a provider of turnkey solutions for the global green hydrogen economy, will invest $84 million in the facility.
The plant is expected to be completed by the end of this year and will produce 15 tons of liquid green hydrogen per day.
The plant, which will serve customers in the Southeastern U.S., will produce liquid green hydrogen using 100% renewable energy. It will employ at least 24 full-time, local employees.
Plug Power is the largest buyer of liquid hydrogen globally.
Experts forecast green hydrogen will play an essential role in meeting greenhouse gas emissions targets worldwide, particularly in the transportation and logistics sectors. According to the company, 500 million tons to 800 million tons of green hydrogen will be used per year by 2050, meeting 20% of global energy demand.
