Why Shares of Plug Power, FuelCell Energy, and Ballard Power Systems Are Charging Higher This Week
Hydrogen related stocks are having a week. Shares of Plug Power (NASDAQ: PLUG) are powering higher as are FuelCell Energy (NASDAQ: FCEL) and Ballard Power Systems (NASDAQ: BLDP) for a variety of reasons. In addition to Plug Power announcing a new deal and receiving favorable coverage from an analyst, positive news regarding the hydrogen industry writ large is helping to buoy the stocks higher.
From the close of trading last Friday to the end of Thursday's trading session, shares of Plug Power have soared 16.5%, while FuelCell Energy and Ballard Power Systems have risen 13.9% and 14.5%, respectively, according to data provided by S&P Global Market Intelligence.
Plug stock got a jolt this week after the company announced two new supply deals for its electrolyzers with customers on two different continents. Announced on Wednesday, the first deal will have Plug supply two 5-megawatt electrolyzer systems to green hydrogen production facilities in Tasmania, Australia. With the help of Plug's electrolyzers, the facilities will have a daily production capacity of 4,200 kilograms. Yesterday, Plug announced that it has received another order: 100 megawatts of electrolyzers for a European oil and gas project. The company expects to deliver and install the electrolyzers in 2024.
Source Fool.com
