Why Plug Power Stock Is Surging Today

Plug Power Inc PLUG shares are soaring Thursday after Senator Joe Manchin reversed his opposition to a bill that includes provisions to address climate change.

Manchin announced late Wednesday that he has reached an agreement with Senate Majority Leader Chuck Schumer to vote on the "Inflation Reduction Act of 2022," according to a statement from Manchin.

The Inflation Reduction Act will address record inflation by paying down national debt, lowering energy costs and lowering healthcare costs.

"The Inflation Reduction Act of 2022 invests in the technologies needed for all fuel types – from hydrogen, nuclear, renewables, fossil fuels and energy storage – to be produced and used in the cleanest way possible," Manchin said.

Plug Power is building an end-to-end green hydrogen ecosystem including production, storage and delivery to energy generation. The company plans to build and operate green hydrogen highways across North America and Europe.

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PLUG Price Action: Plug Power has a 52-week high of $32.05 and a 52-week low of $12.70.

The stock was up 16.8% at $20.03 at press time, according to data from Benzinga Pro.

Photo: courtesy of Plug Power.