Plug Power Inc. is one of the providers of an alternative energy technology company. It is focused on the design, development, commercialization, and manufacture of hydrogen fuel cell systems. This is used for the industrial off-road market and the stationary power market. The NASDAQ: PLUG at https://www.webull.com/quote/nasdaq-plug company’s product line is including GenKey, GenDrive, GenFuel, GenCare, and ReliOn. GenKey is offering solutions to customers transitioning their material handling vehicles to fuel cell power. GenDrive is one of the hydrogen-fueled proton exchange membrane (PEM) fuel cell system. It is providing power to material handling vehicles. Genel is a hydrogen fueling delivery system. GenCare is maintaining a program for both the GenDrive fuel cells and GenFuel products. ReliOn is a stationary fuel cell solution. It is providing scalable, modular PEM fuel cell power to support the backup, telecommunications, transportation, and utility sectors.
Charging Up for Long-Term Growth
Hydrogen fuel cell pioneer Plug Power (NASDAQ: PLUG) is one of the setting new records. PLUG stock is having booked gains of 270% so far in 2020. In a year when so many stocks are having struggled, it is seriously outperforming the market. This is a new perspective for investors who are having watched the stock fail to clear the $3 ceiling for most of the past five years.
Image of a man driving a forklift in a warehouse
Ø It looks like Plug Power is finally hitting its stride. It is not profitable, but the company is creating big moves, signing new clients and positioning PLUG stock for long-term growth.
Ø Importantly, subscribers to Portfolio Grader will see that PLUG stock earns an A rating.
Ø After decades of struggle, environmental concerns have boosted demand for clean hydrogen power.
Ø Sure, PLUG stock has been sliding recently, but that movement appears to be in sympathy with another hydrogen player. Plug Power is just along for the ride.
Ø There is no need to worry. View the dip as a buying opportunity if you are interested in adding PLUG to your portfolio.
Expanding to the United Kingdom
Ø At the start of August, Plug Power made a big announcement. The company will be supplying the United Kingdom supermarket chain Asda with its full-service GenKey solution.
Ø Plug Power will essentially use its hydrogen fuel cell tech to power a lift truck fleet. It is creating the switch achieves Asda’s goal of emissions-free distribution centers.
Ø It also reduces the downtime and space required by the previous battery-powered system.
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Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.