Electric Vehicle Stocks That Aren’t Tesla: Plug Power (PLUG)
OK, Plug Power (PLUG) isn’t a pure play in the electric vehicle (i.e. battery powered) world, but it’s of the same clean-transportation ilk. PLUG makes hydrogen-powered fuel cells that can replace lead-acid batteries that power forklifts.
The technology has been successfully utilized in delivery trucks, however. In fact, Plug Power recently announced it would be installing range-extenders for 20 FedEx (FDX) delivery trucks that are currently powered by fuel cell technology.
Fuel cell-powered passenger automobiles don’t qualify as an industry yet … or even qualify as a segment of the electric vehicle industry. But if some recent news from Toyota is any indication of the shape of things to come, Plug Power (and PLUG stock) may be on the verge of a huge growth spurt.
The news from Toyota is …