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PLUG Stock: The Green Partnership News Sending Plug Power Higher Today

Today, green hydrogen player Plug Power (NASDAQ:PLUG) is seeing lots of investor interest. Currently, PLUG stock is up nearly 10% on impressive volume.

Man hold a fuel dispenser with hydrogen on gas station. h2 combustion engine for emission free eco friendly transport.
Source: Alexander Kirch / Shutterstock.com

This move is a continuation of what has been a relatively strong month for PLUG stock. Shares of this green energy play have increased nearly 40% over this timeframe alone. Accordingly, momentum investors appear to have a lot to like about Plug Power right now.

Additionally, news coming out today that President Joe Biden is meeting with Democrats to get agreement on the big infrastructure bill, which includes spending provisions for green infrastructure, is bullish for companies like Plug Power. Indeed, there are a number of catalysts investors are watching right now. And most of these are pointing in the right direction.

However, there’s another key catalyst specific to Plug Power that investors are watching. Let’s dive into why market sentiment around this stock is changing.

PLUG Stock Higher on Key Partnership

Yesterday, Plug Power announced the company would be entering into a partnership with Lhyfe to jointly develop green hydrogen plants. As a key player in the green infrastructure space, this deal is being viewed positively by the market. Indeed, investors seem to like what Lyhfe brings to the table. As a pioneer in the development of renewable and ecological hydrogen, this deal cements Plug Power’s position in the green/renewable hydrogen space.

Hydrogen can be produced via electrolysis (a green process), or as a by-product of natural gas. Accordingly, not all hydrogen is really that green (similar to electricity).

This deal ensures Plug Power’s status as a renewable energy player remains intact. Accordingly, this catalyst is driving shares of PLUG stock higher today.

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-the-green-partnership-news-sending-plug-power-higher-today/.

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