BE - Why Plug Power Bloom Energy and Hyzon Motors Moved Higher Today
Shares of stocks in the hydrogen fuel sector were on the rise today. Plug Power (NASDAQ: PLUG) and Bloom Energy (NYSE: BE) are both situating themselves to support the growth in hydrogen as a transportation fuel. Hyzon Motors (NASDAQ: HYZN) has been struggling, but could get a saving boost from expansion in that area, too. All three stocks were higher today by as much as 3% to 5.5% on news that Europe is making a push in that domain.
As of 2:45 p.m. ET, the stocks had drifted from higher levels along with the rest of the market when the Federal Reserve announced its interest rate hike. At that time, these stocks were trading as follows:
The moves higher indicated investors felt these companies would benefit from news that the European Commission -- the executive arm of the European Union -- approved as much as 5.2 billion euros (about $5.1 billion) in public funding for hydrogen projects. The decision was also expected to prompt up to nearly $7 billion in additional private investment in the sector, according to CNBC.
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Why Plug Power, Bloom Energy, and Hyzon Motors Moved Higher Today