Plug Power stock jumps as Evercore analyst says Lhyfe order is ‘first of many’ from a key partner

Shares of Plug Power Inc.
PLUG,
+6.01%
climbed 3.1% in afternoon trading Thursday, in the wake of news of an order from France-based renewable green hydrogen provider Lhyfe S.A.
LHYFE,
+1.15%
of proton exchange membrane (PEM) electrolyzers with a total capacity of 50 megawatts (MW), or up to 20 tons per day. With the order of 10, 5 MW PEM electrolyzer systems, Lhyfe is looking to produce renewable green hydrogen using primarily wind and solar power for mobility applications, such as forklifts and light commercial vehicles, in Europe. Financial terms were not disclosed. Analyst James West at Evercore ISI said the new order from Lhyfe is “just the start of a deeper partnership,” and reiterated his outperform rating and $45 stock price target. He noted that Plug and Lhyfe had initiated a partnership in October 2021, and have plans to develop 300 MW of renewable green hydrogen plants in Europe by 2025. “With Lhyfe targeting over 3 [gigawatts] of hydrogen capacity by 2030, we believe this order could be the first of many from a key strategic partner,” West wrote. Plug’s stock has soared 52.8% over the past three months, while the S&P 500
SPX,
+0.66%
has slipped 3.0%.