PLUG Rises on Plans of Green Hydrogen Plants in Finland

Turnkey hydrogen solutions provider Plug Power (NASDAQ:PLUG) is planning to set up three green hydrogen plants in Finland.

The final investment decision is expected in 2025/2026 and the plants are expected to produce 850 tons of green hydrogen a day by the end of the decade. Further, the plants will also support ammonia and green direct reduced iron (DRI) production.

The company has secured commitments from three Finnish municipalities to access land for the projects and is working with financial partners for optimal capital solutions as well.

Moreover, Plug Power has entered into memorandums of understanding with the country's electricity and natural gas transmission systems operators in a bid to ensure grid capacities and hydrogen infrastructures for the projects.

Overall, the Street has a $20.79 consensus price target on PLUG alongside a Moderate Buy consensus rating.

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