Plug Power (PLUG) Spikes Up 25.3% on Renewed Hydrogen Supply Contract

Plug Power Inc. (NASDAQ:PLUG) is one of the 10 Stocks Going Wild.

Plug Power skyrocketed by 25.35 percent on Wednesday to end at $1.78 apiece following news that it deepened its partnership with a long-time US-based industrial gas company for the supply of liquid hydrogen through 2030.

In a statement, Plug Power Inc. (NASDAQ:PLUG) said that it will continue to receive liquid hydrogen supply from its partner while immediately reducing the cost and collaborating on improved network efficiency.

“This expanded agreement supports our mission to build on our already robust and resilient hydrogen network in the US,” said Plug Power Inc. (NASDAQ:PLUG) CEO Andy Marsh. “As we continue to scale our applications business and build long-term partnerships with customers, reliable supply and cost efficiency are critical.”

Plug is ramping up its generation network to ensure a reliable, domestically produced supply, with hydrogen plants currently operational in Georgia, Tennessee, and Louisiana. For this year alone, the company is looking to launch 40 new sites, anticipating continued growth in the industry in 2026 onwards.

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Disclosure: None. This article is originally published at Insider Monkey.