PLUG Stock Extends Rally on Aggressive Business Planning

PLUG stock

PLUG stock is trading higher this morning after Plug Power Inc (NASDAQ:PLUG) said the company is planning to hire 50 people in 2020 and recently hired a new vice president of human resources and a new talent acquisition manager to help direct and fill those jobs.

Major Boost

Over the past month or so, Plug Power has been in the news for having made great strides in its business. On Thursday, the company made another announcement that should also come as a major reason for optimism among PLUG stock investors. The Chief Executive Officer of Plug Power, Andy Marsh, revealed yesterday that the company now has an employee strength of 750. Out of those, around two-fifths work at the company’s office in Albany. Marsh also said that Plug Power is looking to add as many as 50 new people to its office in Albany.

In order to ensure that the hiring process goes off smoothly, Plug Power has appointed Tammy Kimble as the new Vice President of Human Resources and hired a new talent acquisition manager.

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The company hopes to stay on an upward growth in 2020 and wants to be on target to attain its goal of generating $1 billion in revenue by 2024.

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PLUG stock is trading higher by 3% at $4.05.

New Orders

The hydrogen and fuel cell company announced in early January that it had managed to bag a contract worth as much as $172 million. The contract in question is with a Fortune 100 company, and the duration of the contract is for two years at this point. Plug Power said it received this order near the end of 2019.

The fuel cell deployments are supposed to be made in the client’s distribution network over the course of the next two years. It is quite clear that the company has started off the new year with a bang, and investors could keep an eye on PLUG stock over the coming days.

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Featured image: DepositPhotos © Jirsak

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