Why Shares of Plug Power Popped Today
On a day when markets are generally in the red, investors are propelling shares of Plug Power (NASDAQ: PLUG) higher. Fuel-cell investors are clicking the buy button today in response to the company's news that it's partnering with New Fortress Energy (NASDAQ: NFE) on a green hydrogen project.
The hydrogen specialist saw its stock bound more than 9% higher on Tuesday, resulting in shares closing at a level they hadn't reached since early May. As of 1:53 p.m. ET on Thursday, shares of Plug Power are up 2.3%.
Plug Power and New Fortress Energy (NFE) announced that they will collaborate on developing a 120-megawatt green hydrogen production plant near Beaumont, Texas. With the help of Plug Power's fuel cells, the facility is expected to achieve daily green hydrogen production of more than 50 tons.
Source Fool.com
