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News  ›  Benzinga

Plug Power To Monetize Electricity Rights In New York, Stock Soars

Benzinga Logo Benzinga By Lekha Gupta
Plug Power To Monetize Electricity Rights In New York, Stock Soars

Plug Power announced a non-binding Letter of Intent to monetize electricity rights in New York, exploring backup power for a U.S. data center using fuel cell technology. The company expects to increase liquidity by over $275 million and pause DOE loan program efforts.

Insights
PM   positive

Consistent dividend increases since 2008, 3.8% forward dividend yield, strategic pivot to smoke-free nicotine products with growth potential


PLUG   positive

Company is expanding into data center market, increasing liquidity, securing hydrogen supply agreements, and pursuing strategic asset monetization opportunities