PLUG Stock Fans Are Cheering Thanks to This Hydrogen Plant News

Investors in green energy play Plug Power (NASDAQ:PLUG) have a lot to cheer today. Sure, this renewable energy stock is up only 3% at the time of writing. However, investors in PLUG stock appear to have a number of things to cheer today.

Hydrogen logo on gas stations fuel dispenser, symbolizing H2 combustion engine for emissions-free eco-friendly transport.
Source: Alexander Kirch / Shutterstock.com

Of course, one of the big drivers behind this year’s rally in PLUG stock has been the announced investment initiatives put in place by President Joe Biden’s administration. Clean energy is a clear priority for this administration. Accordingly, renewable energy stocks such as hydrogen player Plug Power are in focus for investors. Investors seem to be bullish on the potential of PLUG stock. That is, given the government’s focus on improving green infrastructure domestically.

Yesterday, Plug Power tweeted out its progress on a state-of-the-art facility in Alabama, NY. As a result of this update, and some rather strong bullish momentum of late, PLUG stock has now approached its six-month high at the time of writing.

Let’s dive more into what this announcement means for investors.

PLUG Stock Surging on Massive Construction Project Update

Yesterday, New York Governor Kathy Hochul announced that Plug Power officially began constructing its $290 million electricity substation and green hydrogen fuel production facility in Upstate New York.

This state-of-the-art facility provides 450 MW of power via an electricity substation. Additionally, a hydrogen production facility will provide 45 metric tons of green liquid hydrogen.

This project is being touted as a big win for various parties involved. From a political angle, this project brings jobs and investment to a rather underserved area of New York. There’s also the decarbonizing aspect of this project, which will help New York in its aim of achieving carbon neutrality by 2050.

From a business perspective, this massive investment is the largest-scale of its kind. Accordingly, investors bullish on the future of green hydrogen in the U.S. may look to Plug Power’s project as a template for what the future may hold.

Various tax incentives and other funding has been made available to Plug Power to push this project forward. Accordingly, investors appear to be enticed by a strong public-private push to get more green energy into circulation in scale as fast as possible. Today, PLUG stock is trending on this news, and for good reason.

On the date of publication, Chris MacDonald 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.


Article printed from InvestorPlace Media, https://investorplace.com/2021/10/plug-stock-fans-are-cheering-thanks-to-this-hydrogen-plant-news/.

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