Plug Power Inc. (PLUG) shares soared 5.11% in after-hours trading on Thursday as the outgoing Biden administration finalized a crucial $1.7 billion loan guarantee for the hydrogen energy company before the incoming Trump administration takes over.
The $1.7 billion loan guarantee from the U.S. Energy Department represents a significant capital injection that will allow Plug Power to construct new hydrogen production plants, which are critical for the company's growth strategy. With this substantial government backing, Plug Power is better positioned to scale up its hydrogen operations and cement its leadership in the rapidly growing clean energy market.
Additionally, Susquehanna raised its price target on Plug Power to $2.50 from $2.00 while maintaining a Neutral rating. The company also announced a partnership with Allied Green Ammonia to support green ammonia production and advance the transition to a net-zero emissions future, further bolstering investor confidence in Plug Power's expansion plans.
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