Why Plug Power Stock Popped Almost 5% Today
Shares of hydrogen fuel cell star Plug Power (NASDAQ: PLUG) jumped 4.7% through 11:45 a.m. ET Tuesday morning after the company secured a long-term supply agreement with British hydrogen technologies company Johnson Matthey (LSE: JMAT).
Under the terms of the agreement, Johnson Matthey will supply Plug with components for membrane electrode assemblies and specifically with "catalysts, membranes, and catalyst coated membranes (CCM)" -- essential parts for building fuel cells.
Plug says that partnering with Johnson Matthey will "strengthen its supply chain and help meet the growing demand for fuel cells and electrolyzers." More than just selling Plug the parts it needs, Johnson Matthey will help Plug set up a CCM manufacturing plant -- the world's largest -- in the U.S., with production set to begin in 2025.
Source Fool.com
