BETHLEHEM – Shares of Plug Power have been surging amid good news for the company’s green hydrogen manufacturing plant in Georgia.
Slingerlands-based Plug Power makes both “green” hydrogen made from water molecules and industrial fuel cells that run on hydrogen for transportation and power usage.
The company employs hundreds of people in the Capital Region, including at its headquarters in the Vista Technology Park in Slingerlands.
However, the company has never turned a profit, and its stock price has been volatile at times, like other companies in the renewable energy and technology sectors. Over the past 52 weeks, shares of Plug Power have been as low as 69 cents and as high as $3.32.
Plug Power’s stock has seen a resurgence lately, a rise that started earlier in the month when shares were trading around $1.50. As of Friday afternoon, Plug Power shares were trading at just under $2.40, an increase of 60 percent.
On Tuesday, there was also a lot of exuberance for Plug Power shares on Wall Street as the company’s shares spiked to $3.10 in early morning trading.
That’s the day when Plug Power hosted investors at its “green” hydrogen plant in Woodbine, Ga. The company even put out a news release revealing that someone or multiple people from the Wall Street firm Oppenheimer had attended. Plug Power was represented by its chief revenue officer, Jose Luis Crespo and Roberto Friedlander, vice president of investor relations.
It is unclear how the release or news of the tour might have led to the jump in the stock price. The release cited a Sept. 2 blog post from the Plug Power website in which the company revealed that it had record production at the Georgia facility with 324 metric tons of green hydrogen made during August.
A Times Union call to a Plug Power spokesperson to ask about expectations for the facility’s September output was not immediately returned.
