RIDE - Why Alternative Energy Stocks Popped Today
The Inflation Reduction Act officially passed the Senate yesterday, causing a bounce in alternative energy stocks today . After Sen. Joe Manchin and Sen. Chuck Schumer reached a deal a couple of weeks ago, some holdouts and sticking points were cleared yesterday. Now, the bill goes to the House of Representatives, where Democrats have a majority and an easier path to passing the bill.
Westport Fuel Systems (NASDAQ: WPRT) was up as much as 21.2% today, Blink Charging (NASDAQ: BLNK) jumped 6.3%, and Lordstown Motors (NASDAQ: RIDE) was up 8.3%. Shares were up 10.6%, 4%, and 2.4% respectively at 1 p.m. ET.
Today's move wasn't so much company specific as it was a boon for the entire alternative energy space. The nearly $370 billion package will add tax benefits for building alternative energy assets and installing them.
For further details see:
Why Alternative Energy Stocks Popped Today