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Plug Power, Baker Hughes Back Hydrogen Investment Fund

Plug Power, Baker Hughes and Chart Industries will be key investors in a fund dedicated to hydrogen infrastructure projects.
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Plug Power  (PLUG) - Get Plug Power Inc. Report, Baker Hughes  (BHGE) - Get Baker Hughes, a GE Company Class A Report and Chart Industries  (GTLS) - Get Chart Industries, Inc. Report said they'd be cornerstone investors in FiveT Hydrogen Fund, “dedicated to delivering clean hydrogen infrastructure projects at scale."

The fund will be denominated in euros. Plug Power intends to commit 160 million euros ($200 million), and Chart Industries and Baker Hughes each will put in 50 million euros ($60 million). 

The fund hopes to ultimately raise 1 billion euros ($1.18 billion). The fund will finance projects that produce, store and distribute clean hydrogen, they said.

“Projects will aim to achieve strong infrastructure returns and deliver true sustainability for a lasting impact on environment, society and businesses," a statement said.

The fund will seek "alliances with industrial companies looking to build the hydrogen energy supply chain and form alliances to grow projects.”

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Plug Power is the Latham, N.Y., hydrogen fuel-cell company. Baker Hughes is the Houston oil-field products and services giant. Chart Industries, Ball Ground, Ga., provides equipment for industrial-gas, energy and biomedical applications. 

Plug Power recently traded at $34.05, down 3.4%. The stock has more than doubled (up 146%) over the past six months amid investor enthusiasm for hydrogen and other clean energy. It has slid over the past two months, as investors thought the surge was overdone.

Plug Power said last month that it would restate its financial results going back to 2018.

The next day, Founder Jim Cramer said he’s not yet ready to make a call on the stock. 

Baker Hughes recently traded at $21.39, down 1.6%, and Chart Industries was at $143.74, down 1.3%.