PLUG Stock Hits New High on Growing Optimism with Engie Deal

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PLUG stock extends its monthly gains and hits another new 52-week high after Plug Power Inc (NASDAQ:PLUG) reached a partnership with Engie (OTCPK:ENGQF).

Another Solid Trigger

Over the past half a decade, experts have repeatedly pointed out that the world now needs as much clean energy as possible in order to avoid the catastrophic effects of global warming. To that end, many new companies engaged in this sector have appeared to help produce clean energy. Plug Power is one such company, and today it announced a significant deal. The company has signed a company with French electric utility company Engie.

According to the terms of the deal, Plug Power is going to help Engie bring hydrogen and fuel cell systems to its customers worldwide. Engie has customers in as many as 30 countries around the world, so, it goes without saying that this is a significant deal.

Engie has been involved in natural gas in the past but has since pivoted into clean energy and currently has a service business that helps its clients in controlling CO2 emissions.

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At the time of writing, PLUG stock is up over 4% at $2.83 after hitting a new 52-week high of $2.91 earlier in the session.

The new deal will see Engie amalgamating its own hydrogen infrastructure with the fuel cell technology of Plug Power and providing its customers with a far superior level of service. On Tuesday, Plug Power made the announcement about the deal, but the finer details have not been provided yet.

The company has, however, stated that it is going to host an invite-only symposium at its headquarters at Latham. Speakers from some of the best-known companies in the United States are going to speak at the event. The event is going to go on for two days, and on the second day, the company will speak with both investors and analysts.

During that dialogue, Plug Power is also going to lay out its plans for the next half a decade. The company has been moving aggressively over the past few months under the leadership of CEO Andy Marsh.

PLUG stock is one of the biggest penny stock gainers in 2019, with a gain of 115%.

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Featured image: DepositPhotos © eyematrix