Keep on Buying Plug Stock, Says Analyst Following Recent Partnerships

Keep on Buying Plug Stock, Says Analyst Following Recent Partnerships

It's been a busy week for hydrogen fuel cell company Plug Power (PLUG), and at least one analyst is taking notice.

Plug's first big news of the week arrived Wednesday morning, when the company announced it's teaming up with Hungarian oil and gas giant MOL Group "to build one of Europe's largest-capacity green hydrogen production facilities at MOL's Danube Refinery in Százhalombatta, Hungary."

Plug will contribute a 10-megawatt electrolysis unit to the joint venture, capable of producing "approximately 1,600 tons of clean, carbon-neutral, green hydrogen annually" once it begins operation in 2023. MOL will use this unit to produce green hydrogen at its Danube Refinery -- and also to produce "up to 25,000 tons of carbon dioxide" reduction credits to offset about one-sixth of its carbon footprint.