Plug Power Inc (PLUG) shares surged 6.64% in Wednesday's trading session, with the hydrogen energy company's stock soaring amid news of an expected major financing deal with the U.S. government.
According to reports, the outgoing Biden administration plans to finalize a loan guarantee worth nearly $1.7 billion for Plug Power before the new Trump administration takes over. This funding would allow Plug Power to construct new hydrogen production plants that are key to the company's growth strategy.
The $1.7 billion loan guarantee from the U.S. Energy Department represents a significant injection of capital for Plug Power's expansion plans. With this government backing, the company is better positioned to scale up its hydrogen operations and cement its leadership in the growing clean energy market.
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