Why Plug Power Stock Is Skyrocketing Today
Plug Power (NASDAQ: PLUG) stock is seeing explosive gains in Tuesday morning trading. The hydrogen-power company's share price was up by 19.7% as of 10:30 a.m. ET, according to data from S&P Global Market Intelligence.
Before the market opened Tuesday, Plug Power published a press release announcing that it had started to produce green liquid hydrogen at its plant in Georgia. Per the announcement, that operation is the largest U.S. manufacturing plant in its category, and is capable of producing 15 tons of liquid electrolytic hydrogen per day.
Plug Power says that 15 tons of liquid electrolytic hydrogen would be enough to power the daily operations of 15,000 forklifts. The company expects that ramping up its production of this category of hydrogen will positively impact its bottom line and move it closer to its goal of operating a green hydrogen ecosystem capable of producing, liquefying, storing, and transporting hydrogen. Management's comments suggest that the company should see better margins from liquid-hydrogen production than it has on the gaseous hydrogen it's currently producing.
Source Fool.com
