Why Plug Power Shares Are Rising

Shares of clean energy and EV charging companies, including Plug Power ($PLUG@US), which trades on the Nasdaq as PLUG, are trading higher following the recent Rivian ($RIVN@US) IPO as well as the House passage of a U.S. infrastructure bill that contains $7.5 billion of funding to create a nationwide network of EV charging stations. Investors also weighed President Biden's recent speech at the COP26 climate summit, in which he addressed climate change goals. Plug Power is an innovator of modern hydrogen and fuel cell technology. It has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs, and reduce carbon footprints in a reliable and cost-effective way. It develops hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity. It is a significant player in the race to build a clean hydrogen economy that achieves workable green hydrogen sustainability solutions. Two main technologies – batteries and hydrogen – while often portrayed as competitors, are actually complementary for different applications. Hydrogen infrastructure is less costly at scale and does not affect the electricity network, while direct charging infrastructure will require significant grid upgrades. Hydrogen could enable major digital trends and serve as an efficient, zero-emission energy vector. Four specific use-cases include autonomous taxis and shuttles, digitally-enabled freight chains, vertical take-off, and landing taxis and data centers. Plug Power has a 52-week high of $75.49 and a 52-week low of $18.47.