What's Going On With Plug Power Stock?

Plug Power Inc PLUG shares are trading higher Thursday. The company announced an expansion of its hydrogen fuel cell solutions on Wednesday and the stock is being circled as a short squeeze candidate.

What To Know: On Wednesday, Plug Power announced it expanded its GenKey offering to enable fuel cell adoption for warehouses operating less than 100 electric forklifts, enabling access to hydrogen fuel cells expected to result in increased productivity.

Plug's solutions benefit from federal tax credits and are incentivized by the Inflation Reduction Act, which significantly lowers costs.

"Our turnkey expanded GenKey offering is making the adoption of hydrogen easy for the material handling industry, allowing more businesses to benefit from increased productivity, lower costs and more flexibility," said Jose Luis Crespo, general manager of fuel cell applications and global accounts.

Orders are currently being accepted and deliveries for U.S. customers are expected to begin in the fourth quarter. Plug also announced it plans to roll out a similar offering for the European market soon.

Plug was among the top Reddit short squeeze mentions this week, according to Benzinga Pro. 13.72% of the company's float is currently sold short. 

See Also: 10 Short Squeeze Candidates: PaxMedica, Blue Apron, MicroStrategy And More

PLUG Price Action: Plug shares were up 7.04% at $12.01 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Plug Power.