Plug Power CEO expects ‘nice time’ for hydrogen business, after Democrats win Senate

Plug Power CEO Andrew Marsh on Thursday applauded the Democratic sweep of the Georgia Senate runoffs earlier this week, expressing an optimistic outlook for the way forward for inexperienced vitality.

Marsh, who has led the Latham, New York-based hydrogen gasoline cell producer since 2008, in an look on CNBC welcomed the information that Democrats Raphael Warnock and Jon Ossoff received their respective races Tuesday, tilting energy within the higher chamber within the celebration’s favor for the primary time since 2015.

Current Senate Minority Leader Chuck Schumer of New York will possible succeed Sen. Mitch McConnell, a Republican, because the chamber’s majority chief. As a end result, Marsh sees extra insurance policies popping out of Washington that may profit the renewable vitality sector.

“There’s no better friend to the fuel cell industry over the last 20 years than Sen. Schumer and, boy, [he’ll be] in charge of what legislation gets to the floor,” he informed Jim Cramer in a “Mad Money” interview. “I think it’s going to be a great time for the hydrogen fuel cell industry, and being a New York company, we couldn’t be luckier to have such a great senator.”

The feedback come after Plug Power shares put up huge positive aspects in back-to-back buying and selling classes. The inventory surged greater than 7% on Wednesday after which 35% in Thursday’s session, closing the day at $47.29. Shares jumped 47% this week alone, powered partly by the corporate’s growth into the South Korean market.

Plug Plower introduced Wednesday that South Korea-based conglomerate SK Group is shelling out $1.5 billion to get a 9.9% stake within the gasoline cell producer as a part of a partnership to succeed in Asian markets.

Marsh stated the Korean hydrogen market underneath the nation’s plans may quantity to greater than $40 billion by 2040.

“They also knew Plug Power was the one company with real revenue, real experience deploying fuel cell and hydrogen,” he stated.

“It’s a big, big, huge opportunity,” he stated.

Plug Power inventory grew tenfold in 2020, rising 973% to $33.91 from simply above $three per share earlier that yr.

President-elect Joe Biden is seen as a optimistic for the renewable vitality business. As a part of his local weather change plan, the previous vp laid out a purpose of utilizing renewables to provide carbon-free hydrogen on the identical value of manufacturing shale fuel.

With Democrats answerable for the House and the Senate, the place Vice President-elect Kamala Harris will function a tiebreaking vote, Biden and Democrats may have a neater path to push via their coverage priorities.

The value of hydrogen gasoline and different renewable energies has introduced a problem through the years to get the ball rolling on the business. Green vitality is anticipated to be a disruptive drive in transportation.

Green hydrogen is tied to the price of wind and photo voltaic, which now comes at a value that is aggressive with conventional fuels in electrical energy, Marsh stated.

“If you can have electricity at 4 cents a kilowatt-hour, leveraging electrolysis, you can generate hydrogen comparable with natural gas,” Marsh defined. Electrolysis, a strategy to break up hydrogen and oxygen in water utilizing electrical energy, is seen as a doable methodology to provide hydrogen out of renewable assets, based on the U.S. Department of Energy.

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