"I think it's going to be a great time for the hydrogen fuel cell industry, and being a New York company, we couldn't be luckier to have such a great senator," Marsh said.

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Why It's Important: President-elect Joe Biden made it clear his administration will prioritize renewable energy. Most notably, he wants renewables to produce carbon-free hydrogen at an equal cost of shale gas.

Plug Power has a path to achieve this objective under a Democrat government using electrolysis technology. Electrolysis is a way of splitting hydrogen and oxygen in water using electricity and can produce hydrogen out of renewable resources, according to CNBC.

"If you can have electricity at 4 cents a kilowatt-hour, leveraging electrolysis, you can generate hydrogen comparable with natural gas," Marsh said.

What's Next: Plug Power shares traded sharply higher Thursday after the company announced it intends to form a strategic partnership with SK Group to accelerate hydrogen economy expansion in Asian markets. Plug Power to receive $1.5 billion from SK Group.

Plug Power's expansion into South Korea as part of a deal with SK Group will help the company address what could be a $40 billion market by 2040.

"It's a big, big, huge opportunity," Marsh said.

Plug Power's stock traded around $51.21 per share at publication time. Shares traded around the lower $32 level just four days ago.

Plug Power CEO Andy Marsh. Courtesy photo.