Plug Power receives $1.66bn loan from DOE, boosting hydrogen production and stock surge.
Plug Power, a hydrogen fuel cell company, has struggled with negative gross margins and cash outflows. Its stock dropped 60% over a year. However, a $1.66bn loan commitment from the Department of Energy (DOE) has led to a stock surge. The loan, aimed at boosting hydrogen production, shows signs of a potential turnaround for the company, which sells fuel cells for forklifts and other material handling equipment.
May 18, 2024
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