Plug Power Spikes On BMW Deal (PLUG, HOKU, HEV, FCEL, BLDP, HYGS)
Plug Power (PLUG) shares advanced by 5% on Tuesday after the company announced that it is developing a fleet of 86 GenDrive fuel cell units with BMW Manufacturing. The fuel cells won’t be used in BMW vehicles, but in various classes of pallet trucks used at the automaker’s Greer, South Carolina plant. BMW Manufacturing public affairs spokesman Robert Hitt said, “BMW is pleased to work with partners that share our commitment to clean production,” in a statement.
Hoku is the top performer for the period after today’s rally, followed by Ener1 (HEV) with a 24% one-month run. Meanwhile, Fuelcell Energy (FCEL) and Plug Power are both in positive territory for the period while Ballard Power Systems (BLDP) and Hydrogenics (HYGS) hang in the red.
It will be interesting to see if any notable developments follow the Hoku rally and where the sector as a whole goes from here. Investors can track the Fuel Cell Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
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