Plug Power (PLUG) is on the move.
Up about 10% on a volume spike to 17.66 million shares, as compared to the daily average volume of 16.8 million, the stock could see higher highs this year.
For one, Nikola just received a letter of intent for an order of 100 Class 8, heavy-duty Nikola Tre hydrogen Fuel Cell Electric Vehicles (FCEVs) from GP JOULE, a system provider for integrated energy solutions based in Germany. That’s a big deal for PLUG because it and Nikola signed a hydrogen supply agreement in December and because it’s another sign of growing demand.
Two, DNB Asset Management just increased its position in PLUG. In fact, according to filings, the firm bought just over 243,000 shares in the fourth quarter.
Three, hydrogen demand is getting explosive.
According to the International Energy Agency, global hydrogen demand will need to double from about 94Mt in 2021 to more than 180 by 2030. Over in Europe, the continent may need to see a six-fold increase in demand by 2050.
Plus, Goldman Sachs, for example, believes that the hydrogen space could become a $12 trillion market by 2030. Bank of America says green hydrogen could be worth more than $11 trillion by 2050. Morgan Stanley also thinks that hydrogen could become an $11 trillion opportunity.