Plug Power (PLUG) could see higher highs.
Over the last few weeks, the stock ran from a low of 15 to $62.26. And it could run even higher. All as demand for green hydrogen picks up momentum.
According to the company, “Plug Power customer demand for hydrogen has grown 10x in five years – nearly a 200% annual growth rate. From a market perspective, McKinsey expects hydrogen will provide 18% of global energy by 2050. As the world’s largest supplier and user of liquid hydrogen, we’re positioned as the forward-thinking company, leading the expansion of green hydrogen technologies while growing their use into a range of transportation and stationary power applications.”
Better, Goldman Sachs is already calling green hydrogen a “once in a lifetime opportunity,” says Barron’s. The firm also notes the addressable market could be worth up to $11.7 trillion in the next 30 years with the U.S., Asia, and Europe leading the way.
Helping, French automaker Renault just signed a memorandum of understanding to launch a 50-50 venture with Plug Power in France by the end of 2021. They’ll target over 30% share of the fuel-cell powered light commercial vehicle market in Europe, says MarketWatch.