Stocks are flat on the open this morning though the Dow is still on track for its best month in 33 years. With only one day left in November, the Dow is up nearly 13% for the year.
The transportation sector is known as one of the largest fuel consumers of the global energy market. Hydrogen is ideal for this industry as a clean, cost effective and energy dense (3x gasoline or diesel) fuel. A freshly announced collaboration with the world’s leading provider of hydrogen fuel cells has investors focused on this little known stock. It won’t be a secret for long.
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Hydrogen is an attractive fuel, specifically being promoted in Europe where diesel bans are mandated for large cities starting in 2024. As highlighted in the European Commission’s Hydrogen Industrial Strategy, hydrogen energy is a pillar to the European Union’s growth and global competitiveness. Hydrogen also takes a prominent role in the European Green Deal for making the world’s first climate neutral continent by 2050. According to Mckinsey & Company, the global hydrogen economy could reach $2.5 trillion by 2050.
Plug Power Inc. and hydrogen-powered vehicle pioneer Gaussin SA (EPA:ALGAU) just announced that they are collaborating to bring a commercial suite of ProGen powered Gaussin transportation vehicles to market in 2021 as a solution to decarbonize the logistics ecosystem. Integrated solutions, ranging from ProGen-powered Gaussin terminal tractors to automated guided vehicles, will use green hydrogen produced by Plug Power’s best of class PEM electrolyzer solution.
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Plug Power is the leading provider of hydrogen fuel cell engines and largest user of liquid hydrogen globally. The company provides hydrogen and fuel cell solutions for e-mobility applications, providing a range of 30 to 125 kW fuel cells for heavy-duty fleet and on-road vehicle applications.
Gaussin is a pioneer in hydrogen-powered heavy duty vehicles and brings over two decades of experience deploying emission free vehicles across Europe, Middle East and Asia for logistics centers, seaports and airports. Through integration with Plug Power’s industry leading ProGen hydrogen engines, Gaussin further positions itself as a key OEM (original equipment manufacturer) in the emerging hydrogen economy.
“Our partnership with OEM leaders, like Gaussin, allow us to drive green hydrogen solutions in the United States, Europe and beyond,” said Andy Marsh, CEO for Plug Power. “We are working to integrate ProGen engines in cargo transportation with best-in-class partners to make the freight and logistics markets greener with our green hydrogen and sustainable energy solutions.”
Plug Power and Gaussin will target new cargo markets , including logistics centers, seaports and airports in Europe, the United States, and globally beyond. The first vehicles are expected to be available commercially in early-2021.
Gaussin stock is traded on the Paris exchange and is up markedly in this session.