Why Shares of Plug Power, Ballard Power Systems, and Bloom Energy Are Soaring Today

While many stocks are rising and falling today due to the reports of quarterly earnings, this isn't the case with fuel cell stocks Plug Power (NASDAQ: PLUG), Ballard Power Systems (NASDAQ: BLDP), and Bloom Energy (NYSE: BE). Instead, investors are choosing to pick up shares of these hydrogen stocks in response to the escalating military conflict between Russia and Ukraine, and some bullish commentary from Wall Street.

As of 10:37 a.m. ET, shares of Plug Power, Ballard Power Systems, and Bloom Energy are up 12.2%, 13.7%, and 14.3%, respectively.

With geopolitical tensions running extremely high, energy prices are jumping. Futures for West Texas Intermediate, the U.S. benchmark, are up 4.5%, and Brent crude futures have exceeded $100 per barrel. It's unsurprising, therefore, that investors are turning to fuel cell stocks since their hydrogen power offering represents an alternative to oil. Plug Power, for example, is making a concerted effort to expand beyond its previous core competency of providing fuel cell solutions for material handling equipment. In fact, it has set a daily green hydrogen production target of 500 tons by 2025 in the United States, expanding to global daily production of 1,000 tons by 2028.

Source Fool.com