Hyperdrive
Hydrogen Company’s Market Value Skyrockets to $25 Billion
- Plug Power shares climbed 50% after SK Group deal this week
- Deal reflects growing interest in hydrogen as alternative fuel
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Plug Power Inc., a fuel-cell company that’s struggled to turn a profit, has surged in value to nearly $25 billion after striking a deal this week with a South Korean conglomerate to promote hydrogen technology in Asia.
Shares in the Latham, New York, company have jumped more than 50% since Wednesday, when SK Group agreed to pay $1.5 billion for a 10% stake in it. As of noon in New York, Plug’s market value was $24.9 billion, making it bigger than utility giants PG&E Corp. and Consolidated Edison Inc. A year ago, Plug was worth about $1 billion.