Why Plug Power Stock Rose Today

Hydrogen fuel cell maker Plug Power (NASDAQ: PLUG) has had an eventful start to 2021. The company announced two major international business agreements in January and raised additional capital as its share price soared more than 120% since the start of the year. 

Today, shares of Plug Power gained after it was reported the company will put some of that capital to work with plans to build a new green hydrogen plant. As of 2 p.m. EST, shares were 2.3% higher after rising nearly 5% earlier in the trading session. 

The company plans to build a $264 million plant in Genesee County, New York to produce green hydrogen for freight transportation and materials-handling equipment, The Buffalo News reports, citing documents filed with the state. 

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Source Fool.com