Shares of Plug Power Inc. PLUG tacked on 0.5% in premarket trading Monday, after the company said it landed three deals in Europe for its green hydrogen-producing electrolyzers. The company said the deals with Ardagh Glass Limmared AB, Hydro Havrand and the APEX Group will be the first use of industrial-scale green hydrogen in glass manufacturing, aluminum recycling and steel manufacturing. “Plug is breaking new ground with this series of industry firsts that validate our vision to scale the green hydrogen economy,” said Plug Chief Executive Officer Andy Marsh. The deal comes as the European Union plans to produce 10 million metric tons of green hydrogen per year by 2030. Plug’s stock has tumbled 37.5% year to date through Friday, while the S&P 500 SPX has gained 9.2%.
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