Why Plug Power's Stock Is Climbing Today
Committed to becoming a leading supplier of hydrogen, Plug Power (NASDAQ: PLUG) must see a growing interest in the adoption of hydrogen-based solutions in order for the company's investments to pay off. Investors are surmising that this is indeed happening based on news today regarding a partnership between Honda and General Motors.
As of 12:03 p.m. ET, shares of Plug Power are up 4.4%, having retreated from their earlier rise of 6.8%.
Honda announced today an interest in developing a system for hydrogen-powered vehicles. For one thing, Honda is developing a fuel cell electric vehicle (FCEV) with amid a larger "plan to launch an all-new FCEV based on the CR-V 5-seater SUV" in 2024. According to Reuters, Honda aims to increase sales of vehicles that use the new fuel cell system to 2,000 over the next couple of years with a larger goal of 60,000 FCEVs by 2030.
Source Fool.com
