Why Plug Power, Bloom Energy, and Nikola Stocks Jumped Today
Hydrogen fuel-cell stocks kicked off Tuesday on a strong note, with shares of Plug Power (NASDAQ: PLUG), Bloom Energy (NYSE: BE), and Nikola (NASDAQ: NKLA) jumping 7.7%, 7%, and 5.7%, respectively, as of 2:25 p.m. ET. Multiple developments that confirm rising global interest in green hydrogen and fuel-cell technology reignited investor interest in leading hydrogen stocks today.
Hydrogen may have been the focal point at the U.N.'s climate conference COP26 held in November. But many called the event a failure as it failed to attract as much commitment to hydrogen from business leaders as expected. However, that doesn't mean the world isn't paying attention to hydrogen's potential as an alternative fuel to help nations decarbonize.
Saudi Arabian oil giant Aramco, for example, just announced an agreement with France-based Gaussin to build manufacturing facilities in Saudi Arabia for on-road and off-road hydrogen-powered vehicles. Meanwhile, the United Arab Emirates (UAE) is collaborating with French utility Engie to invest $5 billion to develop renewable energy and hydrogen projects with two gigawatts of capacity by 2030. The UAE aims to corner 25% of the global market share in low-carbon hydrogen by 2030.
Source Fool.com