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Why Is Plug Power (PLUG) Stock Soaring Today
Shares of fuel cell technology Plug Power (NASDAQ:PLUG) jumped 13.3% in the morning session after the company secured a $1.66 billion loan guarantee from the U.S. Department of Energy and benefited from a broader rally in clean energy stocks.
The move extended an impressive multi-day rally that saw the stock climb for eight straight trading sessions. A major catalyst was the DOE's approval of the loan, which funded the construction of up to six new hydrogen plants in the U.S., signaling strong government support. Favorable market conditions also played a role, as interest rate cuts by the Federal Reserve lifted clean energy stocks across the board. On the business front, Plug Power extended a key partnership with logistics company Uline through 2030 and forged a new collaboration with GH2 Global in Brazil. The company also posted strong results in its electrolyzer business, with sales soaring more than 200% year-over-year.
Plug Power pops amid broad clean energy gains (PLUG:NASDAQ)
Plug Power (NASDAQ:PLUG) shares have popped 7% premarket on Tuesday, after rising in the past nine consecutive sessions.
Shares closed 21.7% high on Monday at $2.65, and could open at $2.84 if the premarket gain holds. Short interest in the company stands at 30.23%.
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