Plug in the power supply CEO Andrew Marsh on Thursday hailed the Democratic expansion of the Georgia Senate runoff earlier this week and expressed an optimistic outlook for the future of green energy.
Marsh, who has headed the Latham, New York-based manufacturer of hydrogen fuel cells since 2008, welcomed the news during an appearance on CNBC that Democrats Raphael Warnock and Jon Ossoff had won their respective races on Tuesday and held power in the upper chamber the party tipped for the first time since 2015.
The current Senate minority leader, Chuck Schumer of New York, is likely to replace Republican Senator Mitch McConnell as the Chamber’s majority leader. As a result, Marsh sees more policies from Washington that will benefit the renewable energy sector.
“There has been no better friend of the fuel cell industry in the last 20 years than Sen. Schumer and, boy, [he’ll be] responsible for what legislation hits the ground, “he told Jim Cramer in a”Bad money“Interview.” I think this is going to be a great time for the hydrogen fuel cell industry, and as a New York company, we couldn’t be happier to have such a great senator. “
The comments come after the Plug Power stocks make large profits in consecutive trading sessions. The stock rose more than 7% on Wednesday and 35% on Thursday, closing the day at $ 47.29. This week alone, stocks rose 47%, in part due to the company’s expansion into the South Korean market.
Plug Plower announced on Wednesday that the South Korea-based conglomerate SK Group is providing $ 1.5 billion to acquire a 9.9% stake in the fuel cell manufacturer as part of a partnership to reach Asian markets.
Marsh said the Korean hydrogen market under the country’s plans could top $ 40 billion by 2040.
“They also knew that Plug Power is the only company with real revenue and experience in the use of fuel cells and hydrogen,” he said.
“It’s a big, big, big opportunity,” he said.
The Plug Power share increased tenfold in 2020, rising 973% from just over $ 3 per share at the beginning of the year to $ 33.91.
President-elect Joe Biden is seen as positive for the renewable energy industry. As part of his climate protection plan, the former vice president set the goal of using renewable energies to produce carbon-free hydrogen at the same cost as producing shale gas.
With the Democrats in control of the House and Senate, where Vice President-elect Kamala Harris will serve as the casting vote, Biden and Democrats will have an easier way to enforce their political priorities.
The cost of hydrogen and other renewables have become a challenge over the years to get the industry rolling. Green energy is expected to be a disruptive force in traffic.
Green hydrogen is tied to the cost of wind and solar, which is now comparable to costs competitive with traditional fuels in electricity, Marsh said.
“If you can have 4 cents per kilowatt-hour of electricity with electrolysis, you can produce hydrogen that is comparable to natural gas,” Marsh said. Electrolysis, a way of splitting hydrogen and oxygen into water with the help of electricity, is viewed as a possible method of generating hydrogen from renewable resources, according to the US Department of Energy.
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This article originally appeared on www.cnbc.com
