Plug Power (NASDAQ:PLUG) stock is on the move Friday following a major milestone for its ProGen fuel cells.
This saw a regional airliner powered by the company’s fuel cells take flight from Grant County International Airport in Washington state. The flight departed at 8:30 a.m. and remained airborne for 15 minutes.
The ProGen fuel cells made by Plug Power are designed for use in light, medium and heavy-duty electric vehicles (EVs). They were adapted for use in the aircraft with Universal Hydrogen leading the effort.
Andy Marsh, CEO of Plug Power, said the following about the news:
“Plug is proud to be a part of Universal Hydrogen’s significant day in aviation history […] We’ve long said hydrogen can power applications, such as planes, while reducing toxic carbon emissions. Today, we proved it, and we’re one step closer to a more sustainable future.”
What This Means for PLUG Stock
This is a major milestone, as the testbed flight shows the potential of hydrogen-powered planes. Plug is involved in a series of tests that are expected to end with a passenger service of ATR 72 regional aircraft running on hydrogen in 2025.
Investors are celebrating the flight news today, with shares of PLUG stock heading 2.7% higher as of this writing. Traders will also note the stock is up 12.3% year-to-date (YTD).
There’s even more stock market news traders will want to know about below!
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On the date of publication, William White did not hold (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.