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Plug Power (NASDAQ:PLUG) +1.4% pre-market Wednesday after announcing a new multi-year enhanced supply agreement with “a leading U.S.-based industrial gas company and longtime hydrogen partner,” extending the companies’ current strategic relationship through 2030.
As part of the extension, Plug (NASDAQ:PLUG) said the strategic partner will continue to supply liquid hydrogen while immediately reducing the cost and collaborating on improved network efficiency.
“As we continue to scale our applications business and build long-term partnerships with customers, reliable supply and cost efficiency are critical,” CEO Andy Marsh said. “This contract is a win for Plug, our customers, our suppliers and our margin profile.”
Plug (PLUG) said the recent passage of energy and tax legislation supporting U.S. clean hydrogen development “will provide strong tailwinds in the near and mid-term for additional market growth.”