Hydrogen Maker Plug Power Soars on $1.7 Billion US Backing
- Financing will be used to build as many as six projects
- Hydrogen seen as key to achieving Biden’s climate goals
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Hydrogen producer Plug Power Inc.’s stock soared Tuesday after the Biden administration offered the US company a conditional commitment for $1.66 billion in loan guarantees to build up to six facilities.
Shares of the company, which has said the financing will be key to its growth plans, gained as much as 70% in New York in the biggest intraday increase in seven years. The stock traded 43% higher at $4.13 as of 9:39 a.m.