Plug Power (PLUG) Extends Run on 6th Day as Rate Cut Sparks Optimism

We recently published All-Time Rush: 8 of 10 Big Names Hit Fresh Record Highs. Plug Power Inc. (NASDAQ:PLUG) is one of the best performers on Tuesday.

Plug Power extended its winning streak to a sixth consecutive day on Wednesday, jumping 19.05 percent to close at $2 apiece, as investor sentiment was bolstered by the Federal Reserve’s interest rate cut for the first time in nine months.

On Wednesday, the US central bank officially pulled the trigger for a 25-basis point rate cut, spelling good news for the pre-revenue company which heavily relies on debt, among other fundraising programs, to finance its expansion plans.

Among its recent partnerships include an expanded hydrogen supply agreement with a leading US-based industrial gas company for the supply of liquid hydrogen to Plug Power Inc. (NASDAQ:PLUG).

The company said earlier it was rapidly expanding its generation network to ensure a reliable, domestically produced supply, with hydrogen plants currently operational in Georgia, Tennessee and Louisiana. Together, the facilities represent 40 tons per day of liquid hydrogen production capacity, with additional plants under development to further increase footprint and support national infrastructure needs.

Plug Power Inc. (NASDAQ:PLUG) said it would launch more than 40 new sites in 2025 to support continued growth in the industry in 2026 onward.

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