Why Plug Power Shares Are Rising Today

Plug Power Inc PLUG is trading higher Thursday after the company signed an agreement with Edison Motors to develop a hydrogen fuel cell-powered electric city bus.

Plug Power’s 125kW ProGen fuel cell engine will provide power to Edison Motors’ electric bus platform.

A fuel cell electric bus prototype is expected to be completed by the second half of 2022 and the companies plan to be prepared to launch a mass-market platform by the first half of 2023.

Edison Motors sold the largest number of electric buses in Seoul, South Korea over the past two years.

"Plug Power has a goal to expand our global footprint to stimulate the Asian hydrogen and fuel cell market. We acknowledge this is one of the fast-growing markets in the world and believe that this partnership with Edison Motors, will pave the way to achieving global net zero," said Andy Marsh, CEO of Plug Power.

Plug Power is an innovator of modern hydrogen and fuel cell technology. It has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable and cost-effective way.

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PLUG Price Action: Plug Power has traded as high as $75.49 and as low as $18.47 over a 52-week period.

The stock was up 5.61% at $33.13 at time of publication.

Photo: courtesy of Plug Power.