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Plug Power Stock Edges Higher on Acquisition of Applied Cyro Technologies

Updated: 23 Nov 2021

Plug Power (NASDAQ: PLUG) investors remained slightly subdued this morning, with little reaction in premarket trading to the company’s acquisition of Applied Cyro Technologies, a rising star in the provision of liquid hydrogen services. With premarket gains of just 0.33%, it appears the acquisition isn’t at the top of investors’ checklists this morning. 

Working towards establishing firm roots as a global leader in green hydrogen, Plug Power has been sticking to an ambitious growth strategy, expanding as quickly as the buzz surrounding clean energy stocks. The latest acquisition bolsters the company’s hydrogen-orientated portfolio, adding a liquid hydrogen delivery network and fleet, liquid hydrogen storage, and hydrogen mobile fueling. 

With little to no reaction from the market today, we can only assume plug power bulls are wavering on the side of caution. Surprising nonetheless, the acquisition of Applied Cyro is a further step into Plug Power’s vision of a green ecosystem whilst lowering the heavy cost, and hence may have warranted a little more premarket action. Investors reacted in a similar fashion in June when the stock fell following the announcement of its new green hydrogen plant in Georgia. 

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Andy Marsh, CEO of Plug Power announced:

“This is a natural fit for Plug Power, and our new team members…We all share a vision to build and grow the green hydrogen economy. Applied Cryo Technologies’ leading cryogenic equipment design and manufacturing capabilities, combined with Plug Power’s green hydrogen production and distribution capabilities will help us realize our ambitious goal of producing over 1,000 tons per day of green hydrogen by 2028.”

At the time of writing, PLUG stock is showing a daily gain of 0.86% with an annual gain of 58.4%. PLUG price is trading around the $43 level on the opening of Tuesday’s market.

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