Plug Power stock advances after company wins an electrolyzer deal in Australia

Shares of Plug Power Inc.
PLUG,
+2.95%
were gaining about 3% in Wednesday morning trading after the alternative-energy company announced that it was chosen to supply two 5-megawatt proton exchange membrane (PEM) electrolyzers for projects in Australia. The company’s electrolyzers, which use electricity to split water into hydrogen and oxygen, will go toward green-hydrogen projects in Tasmania, Australia. “The plants are strategically located to leverage existing infrastructure,” Plug Power Chief Executive Andy Marsh said in a release. Plug Power shares were up as much as 5.6% earlier in Wednesday’s session. The stock has advanced 26% over the past month, though it’s off 6% over the course of 2023 to date.