Why Plug Power Stock Popped Tuesday
The stock of hydrogen fuel cell technology company Plug Power (NASDAQ: PLUG) has been up and down over the last month. Shares have swung as low as nearly $25 per share, and as high as almost $32, ending right back near where it started. But the stock is jumping Tuesday morning on news of a new supply agreement. Plug shares initially popped 7%, and were still trading up 6.3% as of 10:20 a.m. ET.
Plug has been growing out its network of green hydrogen production capacity, and today announced a deal to offer Walmart up to 20 tons per day of the fuel. The retailer would use the zero-emission fuel to power its fleet of material-handling forklift trucks at its network of distribution and fulfillment centers. The agreement is among the first green hydrogen supply contracts of its kind for Plug Power.
Source Fool.com
