The global shift towards renewable energy sources is undeniable, and green hydrogen is emerging as a key player in this transition. At the front of this revolution is Plug Power NASDAQ: PLUG, a pioneer in hydrogen fuel cell technology.
Shares of fuel cell and hydrogen specialist Plug Power (PLUG -9.49%) may have nudged higher in the beginning of the year, but the market's enthusiasm was hardly sustained. After its short rise in late January, shares of Plug dipped lower and continued to plunge for the remainder of the year due to a variety of factors, extending a slide that amounted to a 64% drop in 2023.
Plug Power (PLUG -9.32%) stock is seeing big sell-offs in Wednesday's trading. The hydrogen power specialist's share price was down 12.4% as of 1 p.m.
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Plug Power (PLUG 19.77%) has not found a formula to operate the business sustainably despite generous handouts from the government.
Shares of hydrogen producer and fuel cell maker Plug Power (PLUG 20.34%) soared 22.2% Monday, as of 1:45 p.m. ET. That extended Friday's gain that came after the U.S. Department of the Treasury released final rules for the clean hydrogen production tax credit established by the Inflation Reduction Act (IRA).
Plug Power (PLUG) shares surged for a second straight session after the Treasury Department announced final rules on tax credits for producing clean hydrogen.
The U.S. Treasury has unveiled its final guidance on the 45V Production Tax Credit, setting the stage for a greener hydrogen future.
Since its earliest days, Plug Power (PLUG 12.88%) has been a volatile stock. In some years, the developer of hydrogen fuel cell systems has seen its shares surge several times in value.
The updated 45V guidance relating to the credit for production of clean hydrogen provide further detail and flexibility for qualification using electricity and methane, as well as electricity produced from nuclear power, RBC Capital tells investors in a research note. The firm believes the announcement is an incremental positive for the electrolytic hydrogen industry. RBC has a Sector Perform rating and $2 price target on Plug Power.
On the first day of stock market trading for 2025, Plug Power (PLUG 8.45%) stock is starting out the year right, rising 9.9% as of 10:15 a.m. ET.
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