Why Plug Power Stock Popped on Thursday
On the first day of stock market trading for 2025, Plug Power (NASDAQ: PLUG) stock is starting out the year right, rising 9.9% as of 10:15 a.m. ET.
The U.S. Treasury Department is gearing up to give new guidance on tax credits for hydrogen production under the 2022 Inflation Reduction Act (IRA), as Reuters reports. The rules are expected out later this week, and will explain how hydrogen producers like Plug Power (the company not only produces hydrogen fuel cells, but also hydrogen to fuel them) can offset their costs when using nuclear power to produce hydrogen gas.
Current IRA rules focus on granting hydrogen producers tax credits when they use new renewable energy sources (such as wind and solar power) to power electrolysis systems that split off hydrogen atoms from water to produce “green hydrogen” for fuel. The new rules will govern whether companies can claim credits for using nuclear power from existing plants to accomplish the same purpose — and how much those credits will be worth.
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