BE - Why Shares of Bloom Energy Plug Power and Lordstown Motors Are Rising Today
Reversing course from their falls in the first half of the week, markets are moving slightly north today. Shares of renewable energy stocks Bloom Energy (NYSE: BE) , Lordstown Motors (NASDAQ: RIDE) , and Plug Power (NASDAQ: PLUG) , however, are jumping a little higher. As of 11:53 a.m. ET on Wednesday, shares of hydrogen stocks Bloom Energy and Plug Power are up 7.1% and 6.9%, respectively, while electric-vehicle (EV) stock Lordstown Motors is up 4.8%, having come down slightly from its earlier rise of 5.9% today.
Whereas a new agreement between Germany and Canada is helping to fuel the bullish sentiment for Bloom Energy and Plug Power, Lordstown Motors is driving higher thanks to the meme stock crowd.
In a step that will help it meet its goal of achieving carbon neutrality by 2045, Germany has inked a green-hydrogen agreement with Canada. With the assistance of wind turbines in Newfoundland and Labrador in the eastern part of the country, Canada will produce green hydrogen and ship it to Germany. According to Bloomberg, the deal will establish "a transatlantic supply chain for hydrogen well before 2030, with first deliveries aiming for 2025."
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Why Shares of Bloom Energy, Plug Power, and Lordstown Motors Are Rising Today