Plug Power, Inc. PLUG shares are trading higher. The company on Wednesday announced that it will supply Energy Vault Holdings, Inc. NRGV with 8 megawatts of hydrogen fuel cell stationary power, representing the largest planned hydrogen powered fuel cell installation in the United States.
What To Know: Plug will supply Energy Vault Holdings with hydrogen fuel cell power capabilities in order to deliver clean energy to select cities in California during wildfires and other emergencies. The California Public Utility Commission (CPUC) requires that state utility grid operators shut off power during severe weather to help prevent wildfires.
"Plug's fuel cell solutions make it easy for partners like Energy Vault to harness the power of hydrogen fuel cell technology and realize CPUC's vision of clean microgrid generation," said Andy Marsh, CEO of Plug Power.
19% of PLUG shares are currently sold short, per Benzinga Pro. The stock's rally on Tuesday appeared to be partly driven by high short interest in the name.
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PLUG Price Action: According to Benzinga Pro, PLUG was trading up more than 5% at $9.51 at the time of publication.
Photo: courtesy of Plug Power.
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