Why Plug Power Stock Jumped Today
Plug Power (NASDAQ: PLUG) had a busy day of announcements yesterday. In addition to releasing its fourth-quarter and full-year 2020 earnings, the company said it has closed its previously announced deal with South Korea's SK Group, and also announced plans to expand its green hydrogen network domestically with North America's largest green hydrogen facility.
Plug Power stock tanked on Thursday, though, along with the rest of the renewable energy sector. But shares are rebounding today, up 6% as of 10 a.m. EST.
The new green hydrogen facility will use New York hydropower to make hydrogen, and when combined with its Tennessee plant, will supply 500 metric tons per day of green hydrogen by 2025. When completed, it "will offer our transportation fuel customers pricing competitive to diesel," the company said in a statement. That, along with expanding plans overseas, has investors willing to pay up for shares of the still unprofitable company.
Source Fool.com
