Plug Power (NASDAQ:PLUG) jumped nearly 5% in early afternoon trading on the Nasdaq Stock Market Thursday, and is still holding onto more than half those gains as the trading day winds down up 2.8% as of 2:10 p.m. EDT.
You can thank the U.S. government for that.
Image source: Getty Images.
So what
This morning, Plug Power announced that the U.S. Department of Energy has invited it to submit a Part II Application for a loan guarantee under DOE s Title XVII Loan Guarantee Program.
Title XVII refers to the part of the U.S. Energy Policy Act of 2005 that subsidizes development of new or significantly improved technology to avoid, reduce or sequester greenhouse gases a description that fits Plug Power s fuel cells, which produce byproducts no more harmful than pure H2O, to a T.
Plug Power Invited to Submit Part II Application for Proposed $520 million from DOE s Title XVII Loan Guarantee Program – Padovanews
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So What s Up With Plug Power Stock Today?
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On March 29, 2021, the Biden administration issued a fact sheet (Fact Sheet) announcing a set
of bold actions that will catalyze offshore wind energy, strengthen
the domestic supply chain, and create good-paying, union
jobs. Included in the announcement is a target to deploy 30
GW of offshore wind by 2030 to support 77,000 jobs, power 10
million homes and cut 78 million metric tons in carbon
emissions.
1 The actions were announced at a White House
roundtable that included National Climate Advisor Gina McCarthy,
Interior Secretary Deb Haaland, Energy Secretary Jennifer Granholm,