NKLA - Why Shares of Plug Power Pushed Higher Today
2023-03-30 13:16:13 ET
No -- the usual suspects aren't rearing their heads today, and the markets writ large aren't uncharacteristically bullish. It seems curious, therefore, that shares of fuel cell and hydrogen specialist Plug Power (NASDAQ: PLUG) are rising strongly today. In fact, it's not a notable news release from the company or favorable commentary from an analyst but an announcement from hydrogen industry peers Nikola (NASDAQ: NKLA) and Chart Industries (NYSE: GTLS) that's behind the pop in Plug Power's stock.
As of 11:35 a.m. ET, shares of Plug Power are up 3.7%, ebbing from their earlier rise of 5.2%.
Nikola, a manufacturer of hydrogen-powered vehicles, and Chart Industries announced today that they have executed an agreement regarding hydrogen storage and related equipment. According to the announcement, Chart is also "providing first-of-kind fully integrated mobile and modular hydrogen fueling stations for heavy-duty vehicles providing a quickly deployable fueling solution with lower capital requirements."
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Why Shares of Plug Power Pushed Higher Today