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Why Plug Power Stock Popped Almost 5% Today

Rich Smith, The Motley Fool
·2-min read
Why Plug Power Stock Popped Almost 5% Today

Shares of hydrogen fuel cell star Plug Power (NASDAQ: PLUG) jumped 4.7% through 11:45 a.m. ET Tuesday morning after the company secured a long-term supply agreement with British hydrogen technologies company Johnson Matthey (LSE: JMAT). Under the terms of the agreement, Johnson Matthey will supply Plug with components for membrane electrode assemblies and specifically with "catalysts, membranes, and catalyst coated membranes (CCM)" -- essential parts for building fuel cells. Plug says that partnering with Johnson Matthey will "strengthen its supply chain and help meet the growing demand for fuel cells and electrolyzers."

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