PLUG Stock: One Huge Reason Plug Power Is Generating Gains Today
InvestorPlace - Stock Market News, Stock Advice & Trading Tips PLUG stock is seeing some upward momentum today as the company announces a partnership with Airbus to get a hydrogen-fueled...
Hydrogen fuel cell play Plug Power (NASDAQ:PLUG) is making both PLUG stock investors and green energy advocates very happy today. The company is announcing a new joint research venture that can revolutionize a mode of travel that has not seen as much emphasis among green vehicle advocates. Now, the stock is surging, and bulls have reason to believe in future catalysts.
With the growing concern about eco-friendliness, travel is one of the industries most scrutinized. Indeed, petroleum fuel is one of the most common uses of oil; daily commuters in their cars contribute a significant amount of pollution to the atmosphere. This has created an emphasis on making cars greener; the prevalence of electric vehicle (EV) companies like Tesla (NASDAQ:TSLA), combined with the pivot toward electrics by companies like Ford (NYSE:F) evidence this.
However, air travel, while very pollutive in its own right, is something that we haven’t yet emphasized as much through this green wave. That could easily be because it’s not something that we find as immediately inevitable as we do electric cars. After all, EVs are already on the roads, and green planes are nowhere near fruition. Sustainable air travel is something that many people might not be able to even imagine. Most consider it to be years off from the current reality.
PLUG Power Surges as the Company Hopes to Bring Sustainability to Air Travel
PLUG stock is gaining big today; investors are excited at the prospects of the company tackling an area of concern for a greener future. This morning, the company is announcing its partnership with Dutch aircraft manufacturer Airbus (OTCMKTS:EADSY).
The partnership with Airbus will allow the companies to further Airbus’ existing interest in developing a hydrogen-fueled aircraft. Already, Airbus has revealed a number of concept designs for hydrogen planes, including a large craft, which would be ideal for commercial flight. Plug’s CEO is saying that with the company’s success in developing hydrogen trucks, it’s a natural next step to look at air travel. “We’ve already revolutionized electric trucks and industrial fleets on the ground, so now we’re turning our sights to the skies,” he says.
PLUG stock holders are seeing the announcement pay off quite nicely this morning. Shares of PLUG are up over 11% on the news. Additionally, the play is seeing vastly increased trading volume. More than 47 million shares are trading hands thus far against a daily average of 17 million.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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