Why Plug Power's Shares Popped 25.9% Today
Shares of Plug Power (NASDAQ: PLUG) jumped as much as 25.9% in trading Tuesday after completing an important acquisition. Shares held gains late in trading and were up 21.8% as of 1:10 p.m. EDT.
The acquisition of United Hydrogen and Giner ELX was completed, which was a big step forward in the company's vertical integration plans. Financial details of the acquisitions weren't announced but management says these are key additions to get the company to over 50% green hydrogen by 2024, making this much more of a renewable energy stock than it was using hydrogen from natural gas.
Image source: Getty Images.
Source Fool.com
