Why Plug Power Stock Is Surging 20% This Week
Plug Power (NASDAQ: PLUG) stock has kicked off August on a solid note, extending its gains from the end of July and surging another 19.9% this week through 10 a.m. ET Friday, according to data provided by S&P Global Market Intelligence. With this week's gains, the hydrogen fuel cell stock has now rallied a staggering 45% in just two weeks, as of this writing.
The tide is turning in favor of hydrogen stocks, even as Plug Power continues to receive attention from the analyst community just days ahead of earnings.
On July 27, Democrat senator Joe Manchin surprisingly announced his support for the Inflation Reduction Act of 2022, which, among other things, proposes significant tax incentives on clean energy, including hydrogen. The bill includes a new production tax credit for hydrogen projects of up to $3 per kilogram of clean hydrogen produced after 2022 (subject to certain conditions, such as greenhouse gas emissions rate).
Source Fool.com
