There is a lot of gloominess surrounding the state of the Earth’s climate. Drought in Oregon, historic flooding in Germany and wildfires in Northern Canada are just some of the extreme weather events that we’ve witnessed in the summer months of 2021. With drastic sways in weather, more emphasis must be put on renewable energy. This makes the market ripe for green energy plays like Plug Power (NASDAQ:PLUG). And as it prepares to create its new facility, PLUG stock is looking like a green light.
The Intergovernmental Panel on Climate Change (IPCC) released its most recent report on climate change worldwide, and the contents are not cheery. The panel says that climate change isn’t rapidly approaching — it’s here. The only way to reverse the damage is to bring the Earth’s carbon emissions to net-zero, which essentially means removing oil and gas as the largest sources of fuel.
This news, while very dark in tone, shines an extra-bright light on the projects of companies like Plug Power. Plug has been developing green-energy solutions since the 1990s, and it’s picking up more steam than ever among a more eco-conscious investing crowd.
PLUG Stock Gains on Company’s Factory Announcement
Today marks a significant moment for the company, and of course, for PLUG stock. That’s because Plug is breaking ground on its newest hydrogen production plant, which will be located in southeast Georgia. Plug is investing $84 million into the facility, which will produce approximately 15 tons of liquid hydrogen per day.
This plant evidences Plug’s rapidly growing expansion across the East Coast. It will be the third production facility of its kind this year, joining plants in Pennsylvania and New York. It also accompanies existing plants acquired by the company in Tennessee and New York; this ultimately brings the company closer to it goal of capturing significant market share in the green energy sector.
PLUG stock is getting a healthy boost today as a result of the news. The stock’s value is up over 2.8%.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.