Why Plug Power Stock Jumped Today

Shares of Plug Power (NASDAQ: PLUG) popped 3.7% in early trading Wednesday after the fuel cell stock attracted a huge analyst upgrade following the announcement of a new partnership.

Today morning, Plug Power signed a memorandum of understanding with renewable green hydrogen producer Lhyfe at HyVolution, a two-day green hydrogen event being held at Paris.

Plug Power and Lhyfe plan to jointly develop green hydrogen plants in Europe with an operating capacity of 300 megawatts (MW) by 2025, along with developing a production site with a capacity of 1 gigawatt. The companies will target on-road and off-road mobility markets, and may also consider building a U.S.-based offshore wind electrolyzer plant later.

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Source Fool.com