Plug Power Inc. (PLUG) believes that green H2 produced from renewable power will help the transportation sector reach carbon neutrality, which it aims to accomplish with its green hydrogen highway project by 2030.
The current challenge faced by renewable hydrogen is that the cost to generate it is too high to make it cost-effective. This is especially true for the trucking industry where the price of H2 must be on par or closer to the cost of diesel for signification adoption to take place.
Plug has been working on not only creating a renewable source of fuel but one that is affordable. It has over 50,000 e-mobility units in operation, mostly forklifts. What’s more, with the help of government support, such as the Inflation Reduction Act, this will only help to drive the cost down more.