Why Shares of Plug Power Are Ripping Higher Today

Key Points

• Plug announce delivery of the first 10 MW electrolyzer module to a project in Portugal.

• When complete, the project will have a total capacity of 100 MW.

• Despite the company's progress, Plug stock still remains highly speculative.

• 10 stocks we like better than Plug Power ›

With the U.S. government now shut down, markets are trending lower today. But you wouldn't suspect it by looking at shares of fuel cell and hydrogen specialist Plug Power (NASDAQ: PLUG). Investors are bidding the stock higher thanks to the company's announcement of a notable development.

As of 10:45 a.m. ET, shares of Plug are up 16.7%.

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Deliveries have begun at a major project across the pond

Plug announced this morning that it has completed delivery of the first 10-megawatt (MW) GenEco electrolyzer module -- of a planned 10 electrolyzer array -- to Galp, an integrated energy company located in Portugal. When completed, the project at Galp's Sines Refinery will have a total capacity of 100 MW, representing one of the largest proton exchange membrane (PEM) hydrogen electrolyzer projects in development in Europe.

The Sines Refinery project, Plug's largest worldwide, will have an annual renewable hydrogen production capacity up to 15,000 tons and will replace 20% of the grey hydrogen that the Sines Refinery currently uses.

Should investors now consider plugging Plug stock into their portfolios?

Investors are enthusiastic about Plug's announcement today since the company recognizes Europe as one of its top strategic markets. With the company progressing with multi-gigawatt electrolyzer deployments in Spain and the United Kingdom, investors seem more confident that Plug is well positioned to take advantage of what it recognizes as a $2 billion global opportunity.

While the news today is encouraging, investors should weigh carefully if Plug stock is a smart choice for them. The company is making progress toward improving its financials with the implementation of its cost-reduction initiative, but there's no guarantee that it will translate to the company actually achieving profitability. At this point, the hydrogen stock is highly speculative and should only be a consideration for those with a significant risk tolerance.

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Scott Levine has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.