Norges Bank, Norway’s central bank, has made a significant investment in Plug Power, a company known for its fuel cells and green hydrogen production.
Plug Power, based in Slingerlands, is emerging as a leader in the renewable energy sector, focusing on “green” hydrogen. This form of hydrogen is seen as a promising alternative energy source since it doesn’t emit carbon, thus potentially powering vehicles, homes, and data centers without contributing to climate change.
Norway is well-known for diversifying its investments in both carbon-based and renewable energy sectors within the U.S. economy. Norges Bank, which manages Norway’s government pension plan, lists major investments in technology giants like Microsoft and Apple, as well as oil companies like Exxon.
Recently, Norges Bank reported a 7.95 percent stake in Plug Power. This investment positions them as one of the company’s largest shareholders, owning nearly 70 million shares. Unlike previous major investors such as Amazon and Walmart, who have business ties with Plug Power for warehouse forklifts, no such relationship with Plug Power accompanies Norges Bank’s investment.
Currently, Plug Power’s stock is trading slightly above $2 per share, fluctuating between $1.60 and $7.60 over the past year. The company holds a market value of $1.8 billion. Historically, other foreign investors have also flocked to Plug Power. In the early 2000s, the Russian firm Interros and Norilsk Nickel took a substantial stake during challenging financial times for Plug Power. More recently, South Korea’s SK Group invested significantly in 2021.
