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Why Plug Power Stock Is Soaring Today

TheMotleyFool

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Shares of Plug Power (NASDAQ: PLUG) are jumping on Monday, up 7.3% in afternoon trading. The move comes as the S 500 and Nasdaq Composite were up 0.5% and 0.7%, respectively.

Plug Power, which develops hydrogen-based fuel cell technology, is seeing its stock move after a positive industry research report was released Friday.

The firm BCC Research released its latest report on the global fuel cell market, showing a projected compound annual growth rate (CAGR) of 21.2% through 2029. The report sees three main factors driving the growth: increasing need for uninterrupted power supply by critical industries like healthcare, a growing desire to reduce carbon emissions, and a shift to green sources for the maritime industry.

Source Fool.com

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