Plug Power Stock Gains 14% as Hydrogen-Powered Vehicles Gain Momentum

Shares of fuel-cell technology company Plug Power are racing higher after Wall Street gave the stock another boost Tuesday.

Last week, SK Holdings (034730.Korea) invested $1.5 billion in Plug to develop hydrogen-fueled vehicles for South Korea.

“Plug Power prides itself on being at the leading edge of innovation in the hydrogen fuel cell industry, which is why we are thrilled to partner with Groupe Renault to become a leader of market fuel cell heavy vans in Europe,” Plug CEO Andy Marsh said in the company’s news release.

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”While we think it’s unlikely the shares repeat [the 2020] move in 2021, we see Plug converting hydrogen hype into concrete orders and profitability over the next three years,” wrote Richardson in his research report.

Hydrogen gas, when burned or used in a fuel cell, generates no greenhouse gases, such as carbon dioxide, which are blamed for global warming.

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