After recovering from a disappointing start to the week, stopper power (NASDAQ: Delivery) The stock is rising today. With the company's announcement of a potential new partner, investors became excited to buy shares of the fuel cell company.
As of 1:52 PM ET, Plug Power shares were up 8.8%, down from their previous high of 13.5%.
Investors are growing more optimistic thanks to a potential deal Down Under
Plug Power and Allied Green Ammonia, an Australian ammonia producer, are exploring the development of a hydrogen-to-ammonia facility in Australia's Northern Territory. If the project progresses, Plug Power will provide up to 3 gigawatts of electrolyzer capacity.
With the signing of the memorandum of understanding, the two companies will cooperate in developing a design and engineering plan for the project, which is expected to be released in the coming weeks. Furthermore, the two companies expect to make a final investment decision in the fourth quarter of 2025 with the additional potential for Plug to offer electrolyzers starting in the first quarter of 2027.
Is now a good time to boost your investment portfolio with Plug stocks?
News of a potential new partnership in Australia may seem encouraging, but it is important to recognize this Memorandum of Understanding It is not legally binding, and it is very likely that the project will never come to fruition. In addition, Plug Power has a long history of announcing promising supply deals, but no history of turning a profit.
With its long history of producing net losses, Investors focused on hydrogen Plug should wait until it proves it can find a way to make its hydrogen and fuel cell endeavors profitable before it decides to hit the buy button on Plug stock.
Should you invest $1,000 in Plug Power now?
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Scott Levin He 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 Disclosure policy.
Why are energy stocks rising today? Originally published by The Motley Fool
