Plug Power Inc. (PLUG) said Tuesday it is expanding its hydrogen presence in New Zealand and Australia with the shipment of a 1-megawatt GenEco PEM electrolyzer to HWR Hydrogen.

The unit will be installed at HWR Hydrogen's refueling station in Invercargill, New Zealand. It will produce hydrogen for the company's fleet of dual-fuel hydrogen-diesel heavy trucks.

Plug Targets Heavy Transport

The project adds to New Zealand's developing hydrogen infrastructure. The country is using locally produced hydrogen to reduce emissions from heavy transport and other hard-to-decarbonize industries.

Plug already supplies electrolyzer technology to Hiringa Energy's green hydrogen refueling network in New Zealand.

HWR said the new equipment will initially supply hydrogen for dual-fuel trucks built by Change Fuel Technologies. The station will also be able to serve hydrogen vehicles from other manufacturers as they become available.

HWR plans to use the Invercargill project to test a model that could later expand across the South Island.

Australia Projects Add Scale

Plug is also pursuing larger hydrogen projects in Australia.

The company was selected to supply a 50-megawatt GenEco PEM electrolyzer system for Orica's Hunter Valley Hydrogen Hub. The project is expected to produce about 4,700 metric tons of renewable hydrogen each year.

Plug CEO José Luis Crespo said the HWR project reflects the company's strategy of supporting hydrogen projects ranging from smaller local installations to large industrial developments.

Plug Power develops electrolyzers, fuel cells and hydrogen production infrastructure. Its GenEco electrolyzers are deployed across five continents.

The company operates hydrogen production facilities in Georgia, Tennessee and Louisiana with combined capacity of about 40 tons per day.

Analyst Outlook

The stock has a Hold consensus rating and an average price forecast of $3.53.

Roth Capital raised its price forecast to $5 while maintaining a Buy rating on Aug. 12. HC Wainwright maintained a Buy rating and $7 price forecast on Aug. 11. Susquehanna lowered its price forecast to $2.50 while keeping a Neutral rating on July 10.

ETF Exposure

Plug Power has notable exposure through clean-energy and hydrogen-focused ETFs.

The iShares Global Clean Energy ETF (NASDAQ) has a 2.69% weighting in Plug Power. The Global X Hydrogen ETF (NASDAQ) has a 10.24% weighting, while the Direxion Hydrogen ETF (ARCA) has a 6.90% weighting.

Because Plug Power represents a meaningful portion of these funds, ETF inflows and outflows can contribute to buying or selling pressure in the stock.

PLUG Price Action: Plug Power shares were up 0.24% at $2.09 at the time of publication on Tuesday, according to market data.