Plug Power Inc (NASDAQ:PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, stock rose 0.82% (As on Nov 10, 11:05:35 AM UTC-4, Source: Google Finance) after the company posted mixed results for the third quarter of FY 21. The House of Representatives finally passed a landmark $1.2 trillion infrastructure bill, paving the way for long-awaited federal spending on America’s infrastructure, including big investments in clean energy.

PLUG in the third quarter of FY 21 has reported the adjusted loss per share of 19 cents, missing the analysts’ estimates for the adjusted loss per share of 9 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $143.92 million in the third quarter of FY 21, beating the analysts’ estimates for revenue by 0.74%.

Meanwhile, the company has signed a definitive agreement to acquire Frames Group, a leader in turnkey systems integration for the energy sector. With over 35 years of experience, Frames designs, builds, and delivers processing equipment, separation technologies, flow control and safeguarding systems, for water and renewable energy solutions. Plug is building a hydrogen ecosystem by systematically adding complementary strengths and capabilities through key acquisitions, joint ventures, and other partnerships. The Frames acquisition will support Plug Power’s goal to reach an installed electrolyzer capacity of three gigawatts (GW) by 2025. Plug will combine its world-class stack technology with Frames’ systems integration capabilities to deliver a range of turnkey electrolyzer solutions from one megawatt (MW) containers to 1,000 MW standalone plants. Through the Frames acquisition, organic growth, and partnerships, Plug will now have 200 employees in Europe. Set to open its new European headquarters in North Rhine-Westphalia, Germany, in early 2022, Plug has also invested in a manufacturing facility, service center, and a green hydrogen fund in Europe. The revenue opportunities from the acquisition include an order backlog valued at approximately €100 million and a sizeable project pipeline that will generate revenues through 2023 with major on-shore and off-shore energy providers seeking to transition to renewable energies and green hydrogen. The acquisition is expected to be completed by the end of the year once all required approvals have been obtained. The transaction includes €85M in cash and €30M in earnouts.