After plunging 7% last week, Plug Power (NASDAQ: PLUG) stock has been soaring to start this week. The hydrogen and fuel cell stock climbed 13% yesterday, and it's poised to lock in an even greater gain today thanks to the company's announcement that it has received a government loan guarantee.

As of 10:34 a.m. ET, shares of Plug Power have ripped 34.8% higher.

Plug Power announced today that it has received a conditional commitment for an up to $1.66 billion loan from the Department of Energy. The loan will help the company advance the development of six green hydrogen production facilities. Located throughout the United States, the facilities will supply green hydrogen to customers operating in the material handling, transportation, and industrial sectors.

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Source Fool.com