The Dow Jones Industrial Average and S&P 500 are inching slightly higher today, but s of hydrogen specialist Plug Power (PLUG 25. 35%) are rocketing convincingly higher.
News the company's extension of a deal with a hydrogen partner is motivating investors to click the buy button on Plug stock. As of 10:53 a. ET, s of Plug Power had soared 19.
Image source: Getty Images. Details of the deal remain scant Plug Power and its unnamed partner -- identified as a "a leading U.
-based industrial gas company and longtime hydrogen partner -- announced the extension of a strategic relationship through 2030.
The companies didn't elaborate on the specifics of the collaboration, but Plug notes that the partner will supply it with liquid hydrogen at a reduced cost and work with it to imve efficiencies in the hydrogen network.
In the press release announcing the deal, Plug suggests that the deal was largely made possible by the passage of the "big beautiful bill" legislation.
Additionally, Plug notes that the "legislation will vide strong tailwinds in the near and mid-term for additional market growth. " Should you the market and power your portfolio with Plug stock.
It's fairly common for Plug to announce new deals regarding its hydrogen.
What's not common, however, is for the company to vide concrete insight into how the deal will benefit the company and its financial condition.
For a company that perennially fails to post a fit, this lack of insight is disappointing and commises the excitement said deals.
While news that the recently passed legislation helped to make this deal a possibility is encouraging, spective Plug investors would be better advised to wait for the company's upcoming quarterly reports to see if there are imvements in its financials.
Scott Levine has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.