Hydrogen fuel cell company Plug Power (NASDAQ: PLUG) hasn’t been a favorite of investors in recent weeks. For the month of March, the stock is down more than 35%. That downtrend took a breather Tuesday morning after the company announced plans for a new hydrogen production facility. As of 11:35 a.m. EDT, Plug Power shares were up 9%.
Plug Power announced Tuesday that it plans to begin construction on a new green hydrogen plant on the Susquehanna River in south-central Pennsylvania next year. The plant, which will produce hydrogen using 100% renewable energy, will be the third in the company’s network, joining an existing plant in Tennessee and another planned for western New York that the company announced last month. The plants are part of an alliance the company has with renewable energy company Brookfield Renewable Partners (NYSE: BEP). Brookfield will supply electricity to produce the hydrogen using hydroelectric power.