Why Plug Power Stock Skyrocketed Today

News the company's extension of a deal with a hydrogen partner is motivating investors to click the buy button on Plug stock

ET, s of Plug Power had soared 19

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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

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