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Why Plug Power Stock Is Soaring Today

TheMotleyFool

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Why Plug Power Stock Is Soaring TodayPhoto, wide shot, wide-angle lens, Diversified industrial company, sunset photo at golden hour, photo by Ansel Adams: https://img.midjourneyapi.xyz/temp/3bc2ecaa-ddda-4d9f-865e-4df253bbd22f.png

Shares of hydrogen fuel cell pioneer Plug Power (NASDAQ: PLUG) are soaring today, up 28.2% as of 10 a.m. EST, after the company announced a new alliance with South Korean industrial giant SK Group last night.

In a deal valued at $1.5 billion, Plug Power plans to sell a 10% stake in itself to SK Group, valuing new shares issued at $29.29 each -- but investors who already owned Plug are doing much better than that. Their shares are now worth $45.50 apiece in morning trading.

Image source: Getty Images.

Source Fool.com

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