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Wed. 13 Oct 2021, 3:45pm ETBenzinga
In: News, Contracts
  • Plug Power Inc (NASDAQ:PLUGinvests in Airflow, an aerospace company building a next-gen electric Short Takeoff and Landing (eSTOL) aircraft. The financial terms of the deal were not disclosed.
  • The companies are co-developing and certifying a hydrogen fuel cell-based propulsion system designed for a new generation of sub-regional aircraft. The parties noted that the partnership indicates the next phase of the pursuit of carbon-neutral aviation.
  • Airflow had recently secured over $600 million in Letters of Intent from eleven airlines operating sub-regional aircraft.
  • Plug Power will serve as Airflow's preferred hydrogen provider, opening up more possibilities for Plug Power's hydrogen refueling infrastructure to co-locate at customer airports.
  • As per the terms, Airflow and Plug Power will integrate and test a full-scale, ground-based powertrain prototype.
  • After the successful ground demonstration, the teams will retrofit the powertrain into an aircraft with the ultimate certification goal.
  • "Airflow represents another vital leg of the stool in our aerospace strategy. We see the development and certification of a system for Airflow's Part 23 aircraft as an ideal entry point into the aerospace market that enables expansion into larger aircraft programs," commented Plug Power CEO Andy Marsh.
  • Also read, Plug Power Shares Charge As Hydrogen Energy Company Announces Twin Partnerships.
  • Price Action: PLUG shares are trading higher by 12.3% at $33.44 on the last check Wednesday.