Plug Power Installs 5MW GenEco Electrolyzer with Cleanergy Solutions Namibia for Africa’s First Fully Integrated Green Hydrogen Facility.
The Walvis Bay project plant, which officially opened in September, represents Africa’s first fully integrated commercial green hydrogen facility and will serve as the foundation for expanding hydrogen mobility across Namibia and neighboring markets.
Plug’s PEM GenEco electrolyzer is integrated directly at Cleanergy Solutions Namibia’s Hydrogen Dune site, which includes a 5MW solar park spanning more than 6.5 hectares and a 5.9 MWh battery energy storage system to produce renewable hydrogen off-grid. The locally generated hydrogen will support hydrogen-powered trucks, port and rail equipment, and small ships operating through the Port of Walvis Bay, while also supplying vehicles converted on site for dual-fuel operation using hydrogen and conventional fuels.
Financial Performance
In 2024, Plug Power's revenue was $628.81 million, a decrease of -29.45% compared to the previous year's $891.34 million. Losses were -$2.10 billion, 53.8% more than in 2023.
Analyst Summary
According to 13 analysts, the average rating for PLUG stock is "Hold." The 12-month stock price target is $2.15, which is a decrease of -2.27% from the latest price.
The Walvis Bay project plant, which officially opened in September, represents Africa’s first fully integrated commercial green hydrogen facility and will serve as the foundation for expanding hydrogen mobility across Namibia and neighboring markets.
Plug’s PEM GenEco electrolyzer is integrated directly at Cleanergy Solutions Namibia’s Hydrogen Dune site, which includes a 5MW solar park spanning more than 6.5 hectares and a 5.9 MWh battery energy storage system to produce renewable hydrogen off-grid. The locally generated hydrogen will support hydrogen-powered trucks, port and rail equipment, and small ships operating through the Port of Walvis Bay, while also supplying vehicles converted on site for dual-fuel operation using hydrogen and conventional fuels.
Financial Performance
In 2024, Plug Power's revenue was $628.81 million, a decrease of -29.45% compared to the previous year's $891.34 million. Losses were -$2.10 billion, 53.8% more than in 2023.
Analyst Summary
According to 13 analysts, the average rating for PLUG stock is "Hold." The 12-month stock price target is $2.15, which is a decrease of -2.27% from the latest price.
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