Why Plug Power Stock Popped Today
Plug Power (NASDAQ: PLUG) shares spiked as much as 10% higher Wednesday. The stock gave back some of that gain, but was still up by 5.8% as of 3:52 p.m. ET. Even so, shares of the hydrogen fuel cell company remain down by more than 20% year to date.
Wednesday's jump came after Plug Power announced it had entered into a deal to provide hydrogen fuel cells to replace the diesel generators that the small city of Calistoga, California, uses for backup power during wildfires and other emergencies.
Investors may see this sale to a municipality as a sign that Plug Power is developing a new use case for its products as a replacement for the currently ubiquitous diesel-fueled stationary backup generators. The company also said this project will be the largest hydrogen-powered fuel cell installation in the country.
Source Fool.com
