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Why Plug Power Shares Jumped 10.6% Today

Why Plug Power Shares Jumped 10.6% Today

Plug Power Inc (NASDAQ: PLUG) shares closed 10.6% higher in the regular session on Tuesday.

What Happened: The surge followed the New York-based hydrogen solutions firm announcing plans to build a green hydrogen production plant together with Brookfield Renewable Partners L.P.  (NYSE: BEP) and Brookfield Renewable Corporation (NYSE: BEPC)

The plant, located along the Susquehanna River in south-central Pennsylvania, will utilize 100% renewable energy from Brookfield Renewable’s Holtwood hydroelectric facility as a part of a previously announced partnership.

The facility expected to be online by late 2022 will support the decarbonization of the broader transportation and logistics industries in the Northeast and the mid-Atlantic regions.

See also: How to Buy Plug Power (PLUG) Stock

Why It Matters: After the plant becomes operational it is projected to produce nearly 15 metric-tons of 100% emissions-free liquid hydrogen per day, the company said.

Plug Power said the plant is a “significant milestone” in its quest to establish the first North American green hydrogen network to produce over 500 tons of gas per day by 2025.

The “hydrogen economy” to grow exponentially providing up to 24% of energy needs and reaching $10 trillion in annual revenues by 2050, according to Bloomberg New Energy Finance.

Earlier in the month, Plug Power said it had received notification from the Nasdaq related to its delayed annual 10-K report and it has until May 17 to make that filing with the U.S. Securities and Exchange Commission.

Shares of Plug Power had fallen nearly 12% in a single day in March after the company reported errors in accounting, particularly in several non-cash items.

Price Action: Plug Power shares closed nearly 10.6% higher at $34.04 on Tuesday and gained 0.18% in the after-hours session.

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