Plug Power (NASDAQ: PLUG) opened with gains of roughly 8%, edging upwards towards the $35 level. There are a few reasons that this hydrogen-based energy provider is causing such a stir in the market recently, so let’s have a quick look.
Most notably – the strongest driver of price action in today’s market open – is today’s game-changing partnership with Airbus in order to strategize the logistical and practical feasibility of bringing clean hydrogen energy to the commercial aircraft space.
As green energy starts to dominate future thinking; providers like Plug power are finding themselves on the podium of potential. The company works by replacing the need for traditional batteries by replacing them with hydrogen fuel cell systems – as environmentally friendly as they are efficient, hydrogen power has earned its stake in the world of tomorrow.
Plug Power will act as the main facilitator for Airbus’ aims for carbon neutrality by 2035, after recognizing green hydrogen as a powerful force against carbonized air travel.
Any keen investor will know that Plug Power is far from fresh on the scene; the company has been active for over 20 years – working with some of the biggest global conglomerates in the process. Not only are they focusing on the adoption of hydrogen power, but they are also busy creating whole ecosystems whereby the new energy source is able to flourish as it should – the ‘hydrogen highway’ across the US has over 165 hydrogen-based refueling stations for hydrogen-powered trucks and other vehicles.
On their partnership with Airbus; Andy Marsh, Plug Power CEO stated:
“We’ve already revolutionized electric trucks and industrial fleets on the ground, so now we’re turning our sights to the skies”
“we’re thrilled to start this journey with Airbus. Not only do we envision a future where aircraft everywhere are powered by green hydrogen, but the airports that serve them as well, including ground support equipment, forklifts, and vehicles that shuttle consumers around airports, and to gates.”
Plug Power stock is currently trading around the $32.70 level, with gains of nearly 10% today. This stock has deservedly caught the eye of green investors, and it isn’t surprising based on the track record, current position, and visionary prospects of the company. Morgan Stanley has also upgraded the stock today, with faith in its 30% upside potential.
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Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.