Shares of Plug Power Inc. PLUG edged up 0.2% in premarket trading Monday, after the green hydrogen production and storage company unveiled a new stationary fuel cell system that can be used by companies to charge their electric vehicle fleets. The company said it has “significant interest” in its new system from EV fleet owners, including those with electric delivery vans, rental car companies, telecommunications providers, as well as from public charging networks and EV charger makers. Plug said its standard 18,000-gallon liquid hydrogen tank and its new polymer electrolyte membrane (PEM) fuel cell system can provide enough energy to charge more than 600 EVs. “As EV adoption increases dramatically over the next few years and electricity demand strains the grid, our new high-power fuel cell system will be a game changer for the EV industry,” said Luis Cresp, a general manager at Plug. The stock has tumbled 27.0% year to date through Friday, while the S&P 500 SPX has gained 8.6%.
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