Recovering from what had been a disappointing start to the week, Plug Power (NASDAQ: PLUG) stock is ripping higher today. With the company’s announcement of a potential new partner, investors are energized about picking up shares of the fuel cell specialist.
As of 1:52 p.m. ET, shares of Plug Power are up 8.8%, retreating from their earlier rise of 13.5%.
Investor optimism is rising thanks to a possible deal Down Under
Plug Power and Allied Green Ammonia, an Australian ammonia production company, are exploring the development of a hydrogen-to-ammonia production facility in the Northern Territory of Australia. Should the project advance, Plug Power will supply up to 3 gigawatts of electrolyzer capacity.
With the memorandum of understanding signed, the two companies will collaborate on a design and engineering plan for the project, which is expected to be released in the coming weeks. The…
