Why Plug Power Stock Popped on Tuesday
Shares of hydrogen fuel cell company Plug Power (NASDAQ: PLUG) jumped 5.7% through 10:50 a.m. ET on Tuesday after the company announced a new service that it thinks could open up 25% of the forklift market to it. Plug describes its GenKey service as a turnkey product "to streamline the entire hydrogen and fuel cell adoption process," including fuel cell backup power for a warehouse, fuel cell engines to power forklifts, a hydrogen fuel supply for those forklifts, and aftermarket servicing of all the above. Previously, Plug seemed to offer GenKey only to large warehouses, but today it said it is expanding GenKey by offering it to warehouses that operate between 40 and 100 electric forklifts.