Plug Power, Inc. (NASDAQ:PLUG) shares are trading lower on Tuesday.
The company is expanding in Spain by collaborating with Carreras Grupo Logístico to launch a complete green hydrogen ecosystem in the country.
The initiative aims to create a hydrogen-powered logistics site at Carreras Grupo Logístico's facility in Masquefa, Barcelona, through a fuel cell technology validation project.
According to Benzinga Pro, PLUG stock has lost over 68% in the past year. Investors can gain exposure to the stock via Global X Hydrogen ETF (NASDAQ:HYDR).
Plug is collaborating with Carreras to swap out their current lead-acid battery-powered forklifts for hydrogen fuel cells, promoting decarbonization and enhancing the efficiency of Carreras Grupo Logístico's operations.
Also Read: Plug Power Secures Contract With H2DRIVEN For 25 MW Electrolyzers, Enhancing Green Methanol Project In Portugal
"We are excited to work with Carreras Grupo Logístico to usher in a landmark moment: the first hydrogen-powered logistics site in Spain," noted Plug CEO Andy Marsh.
This shift to green hydrogen will boost energy efficiency, productivity, and sustainability while lowering operational costs.
The initiative at Masquefa will function as a testing ground to assess the advantages of Plug's technology compared to traditional batteries. Findings from this project will help expand hydrogen fuel cell technology to other locations in Spain and incorporate it into Carreras Group's primary logistics operations, which encompass 46 warehouses.
If successful, Plug will provide Carreras Grupo Logístico with a comprehensive green hydrogen ecosystem, featuring hydrogen fuel cells, a 1 MW electrolyzer, and a hydrogen refueling station.
"This strategic collaboration highlights the transformative potential of hydrogen-powered solutions to achieve the twin goals of decarbonization and operational gains in the logistics sector," the CEO added.
Price Action: PLUG shares are trading lower by 4.87% to $2.15 at last check Tuesday.
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