Why Plug Power Shares Are Surging Thursday
Portfolio Pulse from Nabaparna Bhattacharya
Plug Power, Inc. (NASDAQ:PLUG) shares surged due to new contracts for supplying cryogenic equipment to a multinational industrial gas company and a statewide electric utility. The company, which acquired Applied Cryo Technologies in 2021, is also finalizing an agreement with another leading industrial gas company and has secured deals for cryogenic trailers for the Canadian market and LNG cryogenic mobile storage equipment. Deliveries are expected to start in early 2025, with PLUG shares up 6.09% to $2.44.
May 02, 2024 | 5:36 pm
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Plug Power's stock surged due to contracts for cryogenic equipment supply to major companies, indicating strong business growth and future revenue streams.
The announcement of new contracts for supplying cryogenic equipment to significant companies indicates a strong business outlook for Plug Power. The acquisition of Applied Cryo Technologies in 2021 enhances PLUG's capabilities in this area, further supporting the positive impact. The deals for the Canadian market and with a statewide electric utility, along with the expected deliveries starting in early 2025, suggest a solid pipeline of future revenue, justifying the stock's positive reaction.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100