Promotion Power CEO Andrew Marsh on Thursday applauded the Democratic sweep of the Georgia Senate runoffs earlier this week, extracting an optimistic outlook for the future of green energy.
Marsh, who has led the Latham, New York-based hydrogen fuel cell producer since 2008, in an form on CNBC welcomed the news that Democrats Raphael Warnock and Jon Ossoff won their respective races Tuesday, quarrel power in the upper chamber in the party’s favor for the first time since 2015.
Current Senate Minority Leader Chuck Schumer of New York compel likely succeed Sen. Mitch McConnell, a Republican, as the chamber’s majority leader. As a result, Marsh sees more programmes coming out of Washington that will benefit the renewable energy sector.
“There’s no better friend to the fuel stall industry over the last 20 years than Sen. Schumer and, boy, [he’ll be] in charge of what legislation gets to the floor,” he outlined Jim Cramer in a “Mad Money” interview. “I think it’s going to be a great time for the hydrogen fuel cell industry, and being a New York assembly, we couldn’t be luckier to have such a great senator.”
The comments come after Plug Power shares put up big gets in back-to-back trading sessions. The stock surged more than 7% on Wednesday and then 35% in Thursday’s period, closing the day at $47.29. Shares jumped 47% this week alone, powered in part by the company’s expansion into the South Korean customer base.
Plug Plower announced Wednesday that South Korea-based conglomerate SK Group is dishing out $1.5 billion to get a 9.9% delineate in the fuel cell producer as part of a partnership to reach Asian markets.
Marsh said the Korean hydrogen call under the country’s plans could amount to more than $40 billion by 2040.
“They also knew Pigtail Power was the one company with real revenue, real experience deploying fuel cell and hydrogen,” he said.
“It’s a big, big, gigantic opportunity,” he said.
Plug Power stock grew tenfold in 2020, rising 973% to $33.91 from honourable above $3 per share earlier that year.
President-elect Joe Biden is seen as a positive for the renewable energy sedulousness. As part of his climate change plan, the former vice president laid out a goal of using renewables to produce carbon-free hydrogen at the unaltered cost of producing shale gas.
With Democrats in control of the House and the Senate, where Vice President-elect Kamala Harris order serve as a tiebreaking vote, Biden and Democrats will have an easier path to push through their ways priorities.
The cost of hydrogen fuel and other renewable energies has presented a challenge over the years to get the ball float on the industry. Green energy is expected to be a disruptive force in transportation.
Green hydrogen is tied to the cost of wind and solar, which now not fail at a cost that’s competitive with traditional fuels in electricity, Marsh said.
“If you can have electricity at 4 cents a kilowatt-hour, leveraging electrolysis, you can spawn hydrogen comparable with natural gas,” Marsh explained. Electrolysis, a way to split hydrogen and oxygen in water using energy, is seen as a possible method to produce hydrogen out of renewable resources, according to the U.S. Department of Energy.