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24.07.2021 15:36:00

Better Fuel Cell Stock: Plug Power or Ballard Power Systems

Interest in hydrogen fuel cells has risen tremendously in the last couple of years. Several countries have set ambitious targets for advancing hydrogen fuel. Korea, for example, is targeting 81,000 fuel cell electric vehicles (FCEVs) by 2022 and 2.9 million by 2040. In September 2019, 35 countries participating in the Second Hydrogen Energy Ministerial Meeting in Tokyo set a goal of having 10,000 hydrogen refueling stations and 10 million FCEVs by 2030. Additionally, hydrogen can find key applications in stationary power generation, industrial use, and the aviation and marine sectors.Let's analyze which of the two leading fuel cell companies -- Plug Power (NASDAQ: PLUG) and Ballard Power Systems (NASDAQ: BLDP) -- looks better placed to benefit from this growth.Plug Power's revenue primarily comes from its material handling segment, which sells fuel cells for use in forklifts. Material handling accounts for more than 90% of the company's revenue. Plug Power is aiming to expand into FCEVs, back-up power, and green hydrogen and is already taking steps in this direction. It expects these new segments to contribute nearly one-third of its revenue by 2024.Continue reading
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