Tuesday, September 27, 2022 7:47:16 AM
CONTRIBUTOR Howard Smith, The Motley Fool
PUBLISHED SEP 26, 2022 03:27PM EDT
https://www.nasdaq.com/articles/heres-what-drove-alternative-energy-stocks-like-plug-power-higher-early-monday
What happened
Many stocks in the alternative energy sector jumped Monday morning. Shares of hydrogen fuel cell company Plug Power (NASDAQ: PLUG) rose as much as 3.6%, while hydrogen-powered vehicle maker Hyzon Motors (NASDAQ: HYZN) soared nearly 15% at its peak. Solar technology company First Solar (NASDAQ: FSLR) was up as much as 2.4%.
While there was a catalyst for those moves, the gains didn't all hold, as technology stocks represented by the Nasdaq Composite Index went from a 1% rise into negative territory. As of 3:10 p.m. ET, Plug stock had also gone negative, down 1.9%. First Solar and Hyzon Motors, however, held on to gains of 0.4% and 7%, respectively.
So what
The initial surge came after a deal was reported for powering the country's first hydrogen-powered train. That was a reminder for investors of the future potential for these and other stocks in the renewable energy sector.
While word that Ballard Power Systems would supply six fuel cell engines to power the first hydrogen train in the U.S. didn't directly impact Plug or Hyzon, it's easy to see why investors associated other hydrogen fuel companies with the news. Last week, Ballard also announced it would be supplying fuel cell modules for a fleet of seven hydrogen passenger trains in Germany. That fleet will be the Berlin and Brandenburg region's first hydrogen-powered rail network.
Now what
Those deals show there is growing momentum for developing more uses for hydrogen as a fuel. Plug Power management has been investing based on that exact premise. The company has been building out a network of green hydrogen production facilities across the United States. It has also announced deals to provide electrolyzers for producing hydrogen in Europe.
Last month, the company said it was expanding its relationship with Amazon to supply the e-commerce giant with liquid green hydrogen to fuel its operations beginning in 2025. Plug has already been supplying Amazon and other companies with fuel cells to power forklifts in warehouse operations. But the new agreement shows Amazon wants to expand the use of hydrogen to help attain its climate goals.
Hyzon makes hydrogen-powered commercial vehicles, so it also has much to gain from a growing hydrogen economy. The company has had issues recently that have hit its stock price. Hyzon had to delay its most recent quarterly report filing after it discovered "operational inefficiencies" at its European joint venture facility. It also subsequently appointed a new CEO.
When investors saw the update on the country's first hydrogen train today, they looked beyond those issues for now, boosting renewable energy company stocks like Plug, Hyzon, and First Solar.
Recent PLUG News
- Plug Signs MOU with Allied Green Ammonia for 3GW of Electrolyzer Supply at World-Class Green Ammonia Production Facility • GlobeNewswire Inc. • 05/03/2024 11:00:00 AM
- The Gross Law Firm Notifies Plug Power Inc. Investors of a Class Action Lawsuit and Upcoming Deadline - PLUG • PR Newswire (US) • 05/03/2024 09:45:00 AM
- Plug Continues to Expand Cryogenic Sales with Multiple Customer Agreements and International Expansion • GlobeNewswire Inc. • 05/02/2024 11:00:00 AM
- Plug Secures First International PEM Electrolyzer Certification in Korea • GlobeNewswire Inc. • 05/01/2024 11:00:00 AM
- Plug to Announce 2024 First Quarter Results • GlobeNewswire Inc. • 04/30/2024 11:00:00 AM
- The Gross Law Firm Announces the Filing of a Securities Class Action on Behalf of Plug Power Inc.(PLUG) Shareholders • PR Newswire (US) • 04/26/2024 09:45:00 AM
- Plug Signs Additional BEDP Contracts for a Total of 4.5GW of Electrolyzers Across Europe and the United States • GlobeNewswire Inc. • 04/25/2024 11:00:00 AM
- Plug Continues to Make Substantial Advancement in Hydrogen Generation Buildout • GlobeNewswire Inc. • 04/23/2024 11:00:00 AM
- May 21, 2024 Deadline: Contact The Gross Law Firm to Join Class Action Suit Against PLUG • PR Newswire (US) • 04/19/2024 10:20:00 AM
- May 21, 2024 Deadline: Contact The Gross Law Firm to Join Class Action Suit Against PLUG • PR Newswire (US) • 04/16/2024 10:15:00 AM
- Shareholders that lost money on Plug Power Inc.(PLUG) Urged to Join Class Action - Contact The Gross Law Firm to Learn More • PR Newswire (US) • 04/12/2024 09:45:00 AM
- Plug Power Inc. Class Action: The Gross Law Firm Reminds Plug Power Inc. Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of May 21, 2024 - PLUG • PR Newswire (US) • 04/09/2024 10:25:00 AM
- Shareholders of Plug Power Inc. Should Contact The Gross Law Firm Before May 21, 2024 to Discuss Your Rights - PLUG • PR Newswire (US) • 04/05/2024 09:45:00 AM
- Lost Money on Plug Power Inc.(PLUG)? Join Class Action Suit Seeking Recovery - Contact The Gross Law Firm • PR Newswire (US) • 04/02/2024 09:45:00 AM
- The Gross Law Firm Notifies Plug Power Inc. Investors of a Class Action Lawsuit and Upcoming Deadline • PR Newswire (US) • 03/29/2024 09:45:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/04/2024 01:00:20 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/01/2024 12:10:31 PM
- Plug Highlights Year of Strategic Growth and Advancements in Accelerating the Green Hydrogen Economy • GlobeNewswire Inc. • 03/01/2024 12:00:00 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/29/2024 09:02:16 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/23/2024 10:30:04 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 02/23/2024 10:29:30 PM
- Plug and Uline Expand Partnership to Supply Hydrogen and Fuel Cells at Four Additional Sites • GlobeNewswire Inc. • 02/23/2024 12:00:00 PM
- Plug Finalizes Contract to Support A Major U.S. Automobile Manufacturer’s Material Handling Operations • GlobeNewswire Inc. • 02/21/2024 12:00:00 PM
- Plug to Announce 2023 Fourth Quarter and Year-End Results • GlobeNewswire Inc. • 02/21/2024 12:00:00 PM
- Plug Announces Strategic Expense Reduction Plan to Save More Than $75 Million Annually • GlobeNewswire Inc. • 02/14/2024 12:00:00 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM