Why Plug Power Stock Popped Again Tuesday
Shares of fuel cell pioneer Plug Power (NASDAQ: PLUG) inched higher Tuesday morning, rising 2.2% through 9:50 a.m. ET after the company announced that it has completed its acquisition of new subsidiary Applied Cryo Technologies.
Plug announced it was buying Applied Cryo a little over a month ago. The new subsidiary is a maker of cryogenic trailers and storage equipment for the storage and transportation of liquefied hydrogen such as Plug Power will be producing at its new green hydrogen gigafactory in Rochester, New York.
Plug boasted that the new acquisition "adds significant capabilities, expertise, and technologies to Plug Power," not the least of which will be "a liquid hydrogen delivery network and fleet, liquid hydrogen storage, and hydrogen mobility fueling, which will enable the company to expand its green hydrogen ecosystem."
Source Fool.com
