Why Plug Power Stock Rose Today

Shares of hydrogen fuel cell maker Plug Power (NASDAQ: PLUG) gained 5% as of 2:30 p.m. EST Tuesday. The company completed an upsized capital raise for more than $2 billion on the same day that the hydrogen fuel cell electric vehicle (FCEV) sector was also in the news.

Plug Power announced it completed its previously announced stock offering of 32 million shares, bringing in more than $2 billion in proceeds at a $65 offering price. Shares are currently trading at about $69.

Additionally, FCEV truck maker Hyzon announced it will be merging with a special purpose acquisition company (SPAC) to begin trading publicly sometime during the second quarter of 2021. The additional publicity in the FCEV market may have investors looking harder at the fuel cell makers like Plug Power today.

Source Fool.com