Plug Stock Forecast: Performance Chart
Plug Stock Forecast Updated: Stock Looks Bullish After Deal with Amazon Inc
- Deal with Amazon Inc worth $3 billion- On August 25th, Plug Power reported that it has signed a deal with Amazon Inc under which the former will supply 10,950 tons of green energy starting in 2025. Amazon Inc plans to use this green energy to power 15,000 forklifts that are currently running on fuel and increase it to 20,000 in three years. Along with it, Amazon also bought warrants to buy 16 million shares at a price of $22.981 per share. Notably, it is much lower than the current share price of $29.59 (as of 14.09.2022). Amazon backing will be very fruitful for Plug power as was the case of Rivian Automotive.
- Deal with Lhyfe to sell electrolyzers– Lhyfe is a French green hydrogen company that intended to purchase 10 numbers of 5-megawatt (MW) electrolyzer systems with Plug Power Inc for the production of green hydrogen across multiple plants in Europe. This green energy will be used in forklifts and commercial vehicles. Apart from this, both companies will jointly develop 300 MW of renewable green hydrogen energy plants by 2025. Such tie-ups and agreements will boost the morale of the company and investors.
But all is not on the greener side for the company. Recently a US law firm is investigating Plug Power CEO and CFO on claims of possible false claims and statements to investors and alleged insider trading. Reportedly, the company has made false claims regarding the profitability of the company and misclassified the cost of liquid hydrogen delivered to customers.
Investors do seldom spare the fiscal bad results, but unethical practices will be punished hard. Plug Power is on right track in terms of business, and deals with Amazon and Lhyfe have boosted the morale of investors which should not be deflated by wrong business practices of the company’s heads going forward.
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