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Plug stock powers up amid the latest green energy bill

Yahoo Finance Live check out Plug's stock amid its earnings miss.

Video transcript

RACHELLE AKUFFO: So I'm going to start us off with New York-based hydrogen fuel cell maker, Plug Power. Now the stock popped and that's despite the company posting greater than expected second quarter losses. Now investors are betting that the Inflation Reduction Act passed by the Senate, which does include billions of dollars towards clean energy projects, will make Plug a strong long-term play.

Now, several analysts, including RBC Capital's Joseph Spak, raised their price targets on Plug. Now, the company is in growth mode, both domestically and internationally, expanding from forklifts to some of these heavy duty vehicles for ports, as well as fuel cells to power data centers and distribution hubs. Now their clients include Amazon, Nike, Home Depot, and Walmart, who they signed another deal for green hydrogen earlier this year, Akiko.

AKIKO FUJITA: Yeah, Rachelle, a good week for Plug Power. I mean, especially with the Inflation Reduction Act, right? I mean, we heard the CEO, Andy Marsh, saying it's a trifecta, that they expect a huge bump coming out of this, especially for green hydrogen and their electrolyzers.