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Here's Why Plug Power (PLUG) Skyrocketed 35% on Thursday

Madeleine Johnson
·1 min read

Shares of Plug Power PLUG closed the day up 35% after announcing a $1.5 billion deal with South Korean industrial firm SK Group.

Plug Power plans to sell a 10% stake in itself to SK Group, which values new shares issued at $29.29 each; current investors saw their shares surge in value to $45.50 in trading this morning.

The goal of the partnership is to expand hydrogen energy in Asia, and to provide hydrogen fuel cell systems, hydrogen fueling stations, and electrolyzers to South Korea and other Asian markets.

PLUG saw its price target raised by numerous Wall Street analysts, and expectations about the company’s future growth are now extremely bullish. Investment firm H.C. Wainwright projects that by 2030, PLUG could generate $12.9B in annual revenue and $3.9B in annual operating profit.

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