Why Is Plug Power (PLUG) Stock Up 7% Today?


  • Plug Power (PLUG) stock is rising alongside news of new deals.
  • The company signed three electrolyzer project deals in Europe.
  • This will have the company set up five-megawatt electrolyzer projects.
PLUG Stock - Why Is Plug Power (PLUG) Stock Up 7% Today?

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Plug Power (NASDAQ:PLUG) stock is getting a boost on Monday after the company revealed a new series of electrolyzer project deals.

According to a recent press release, Plug Power has recently signed deals with Ardagh Glass Limmared AB, Hydro Havrand, and the APEX Group for three five-megawatt electrolyzer projects.

Plug Power highlights that these deals mark the first time that industrial-scale green hydrogen will be used for glass manufacturing, aluminum recycling and steel manufacturing. Each of Plug’s new deals are with companies operating in Europe.

Andy Marsh, CEO of Plug Power, said the following about the deals:

“Plug is breaking new ground with this series of industry firsts that validate our vision to scale the green hydrogen economy […] We were bold enough to design and build the industry’s first 5MW electrolyzer module, and customers are now clambering for its holistic, compact, easy-to-install features.”

PLUG Stock Movement on Monday

Following news of this deal, shares of PLUG stock are seeing a decent amount of trading today as investors buy shares. This has roughly 10 million shares changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 20 million shares.

PLUG stock is up 6.6% as of Monday morning but still down 32.4% since the start of the year.

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We’ve got all of the hottest stock market news traders need to know about on Monday! A few examples include why shares of Meta Platforms (NASDAQ:META), Mallinckrodt (NYSEMKT:MNK) and PacWest (NASDAQ:PACW) stock moving today. You can find out more on these matters at the links 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.

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