The stock of Plug Power Inc. (PLUG) gained in the pre-market today after the company announced that they have signed an agreement with Edison Motors for the mass production of hydrogen powered city buses. The stock of Plug Power Inc. (PLUG) valued at $33.05 gaining more than 5.39% from the previously closed value at the time of this writing. At the end of the last trading session the stock closed at $31.36. The volume of the stock traded in the trading session was approximately 21.5 million shares.
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Reason of the stock gain:
On 15th December, 2021 the Plug Power Inc. (PLUG) announced in a press release that they have signed an agreement with Edison Motors. The purpose of the agreement is to mass produce city buses that are hydrogen powered. In the second half of the 2022 the companies have set a goal of developing a prototype of the fuel cell electric city bus. The fuel cell electric city bus will be developed by the Edison Motors but it will have the 125kW ProGen fuel cell system of Plug Power installed in it.
The fuel cell electric buses has been named as SMART 110F by Edison Motors and is anticipating that after the mass production of the electric buses will be distributed in South Korea. Both the companies are looking forward to join hands together on many future mobility applications such as Personal Air Vehicles PAVs, vessels, drones and trucks.
Plug Power Inc. (PLUG) till the date has deployed more than 50,000 fuel cell systems for e-mobility that is more than any other company in the world. The company is forming hydrogen economy and is the leader in providing hydrogen fuel cell turnkey solution which makes them the largest buyer of liquid hydrogen in the world.
Effect on the stock gain:
As soon as the agreement news hit the market the stock of Plug Power Inc. (PLUG) gained value. Investors responded positively to the news and were no shying from investing in the company having the technology of the future.
Conclusion: Plug Power is expecting to expand in the Asia and want to dominate the whole scene of Asian hydrogen and fuel cell market. Edison Motors is the company that sold electric buses more than anyone else in the Seoul this year. Both the companies are the leaders in their technology and could create an extraordinary synergy.
