Plug Power (NASDAQ:PLUG) stock is on the move Tuesday after the company announced an expansion to its GenKey offering.
The new GenKey expansion has it offering its fuel cell solutions to warehouses operating less than 100 electric forklifts. The company notes that these types of warehouses make up over 25% of all forklifts sold in the U.S.
According to Plug Power, expanding its GenKey offering to these locations will speed up the adoption of fuel cell use for these facilities. The company is able to do this as the Inflation Reduction Act introduced legislation to lower the cost of fuel cell production. It also includes tax breaks for businesses using this green technology.
Jose Luis Crespo, General Manager of Fuel Cell Applications and Global Accounts at Plug Power, said the following about the news:
“Building on our experience in creating the first commercially-viable market for fuel cells, Plug is proud to be leading the industry in making green hydrogen adoption easy for a wider set of customers. Our turnkey expanded GenKey offering is making the adoption of hydrogen easy for the material handling industry, allowing more businesses to benefit from increased productivity, lower costs and more flexibility.”
How This Affects PLUG Stock
PLUG is set to benefit from the company reaching a larger range of customers with its new GenKey offering. This has investors excited about the possible benefits that will offer to the business. That could also result in a boost for PLUG stock if the move goes over well.
PLUG stock is up 3.3% as of Tuesday morning.
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On the date of publication, William White 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.