LATHAM, N.Y. – Plug Power Inc. (NASDAQ:PLUG), a company specializing in hydrogen fuel cell technology, has achieved a significant milestone in its expansion into the Asian market by obtaining the first international safety and performance certification in Korea for its electrolyzer systems. This certification allows for the commercial sale of Plug's electrolyzers in Korea, a move that could bolster the country's green hydrogen production capabilities.
The certification was awarded to Plug's EX425D, a 1 MW (megawatt) proton exchange membrane (PEM) electrolyzer capable of producing up to 425 kg (kilograms) per day of green hydrogen. The Korean Gas Safety (KGS) Corporation granted the approval under the Standard AH271, which covers the Facility/Technical/Inspection Code for the Manufacture of Water Electrolysis Hydrogen Generators.
The approval process included the certification of Plug's Rochester Gigafactory for the production of electrolyzer stacks and the manufacturing facility of its partner, Alpha ECC, in Vietnam for system production and assembly.
Plug CEO Andy Marsh expressed satisfaction with the achievement, stating, "We are pleased to have achieved this critical certification and look forward to supporting decarbonization goals in Korea." He emphasized Plug's unique position as a first mover for PEM electrolyzers in the Korean market, backed by over five decades of operational expertise in PEM stack technology.
The certification comes as SK Plug HyVerse, a joint venture between Plug Power and SK E&S, is nearing the completion of a project on Jeju Island to support hydrogen-powered heavy-duty trucks. The venture also aims to build over 25 hydrogen fueling stations across South Korea and has developed a hydrogen-powered bus using Plug's ProGen module, which is expected to reach mass production by the end of the year.
Plug Power is known for creating the first commercially viable market for hydrogen fuel cell technology, deploying over 69,000 fuel cell systems and more than 250 fueling stations worldwide. The company is also the largest buyer of liquid hydrogen and is working on establishing a green hydrogen highway across North America and Europe.
This news is based on a press release statement from Plug Power Inc. and marks a significant step for the company in its efforts to support the transition to a green hydrogen economy, particularly within the Korean market.
InvestingPro Insights
Plug Power Inc. (NASDAQ:PLUG) has recently made headlines for its international certification in Korea, but what do the numbers say about the company's financial health? According to InvestingPro data, Plug Power's market capitalization stands at $1.58 billion, reflecting the size of the company in the current marketplace. Despite the company's advancements in technology and market expansion, its Price / Book ratio as of the last twelve months ending Q4 2023 is just 0.55, suggesting that the stock may be undervalued relative to the company's book value. However, this must be weighed against the fact that Plug Power is not currently profitable, with a negative P/E ratio of -1.42 for the same period.
Two InvestingPro Tips that are particularly relevant to the company's current situation are the concerns over Plug Power's ability to make interest payments on its debt and the indication that the stock is trading near its 52-week low. These insights may help potential investors understand the risks and opportunities associated with the stock at this time.
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