Why Plug Power Stock Surged Monday
Plug Power (NASDAQ: PLUG) has spent the past year working to expand its supply of green hydrogen production and increasing the use of hydrogen as a fuel. Plug Power has partnered with several overseas companies in the process, and one of them announced a deal with a competitor today. Investors see that as good news for Plug Power, and drove its shares up 6.2% as of 2:50 p.m. EDT.
In February 2021, Plug Power completed a deal with SK Group that will give the South Korean industrial company a 9.6% stake in Plug Power with a $1.6 billion investment. Today, a subsidiary of SK Group and fuel cell company Bloom Energy (NYSE: BE) announced a separate deal to continue investing in the hydrogen economy. While shares of Bloom soared on the news, it is also viewed by investors as a positive development for Plug Power.
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