Plug Power Stock and Nel Stock: Why They’re Up 24.66% | news

Plug Power (WKN: A1JA81) – and In the (WKN: A0B733) shares are up 24.66 or 9.34% today (07/28/2022) in Frankfurt. Both companies were recently able to report on new major orders.

Nel recently received the largest electrolyser order in its history. An unspecified American industrial company has ordered an alkaline 200 MW electrolyser from its subsidiary Nel Hydrogen Electrolyser.

Plug Power, on the other hand, received an order from Canadian company Irving Oil for a 5-megawatt containerized electrolyser system with a proton exchange membrane.

But the hydrogen industry is also dependent on positive political conditions. Many large nations have already decreed a corresponding strategy. Due to the environmental policy requirements, the sector would grow even without additional government funds. But with them, he makes even faster progress.

history of the price jump

In the US, Democrats in particular want to promote environmentally friendly technologies. Recently, however, the Democratic US Senator Joe Manchin did not want to approve a corresponding legislative package. He became a millionaire through a coal trading company and comes from the Republican state of West Virginia.

But as soon as the message became known, it was clear that he could still change his mind. Parties and politicians often negotiate agreements among themselves.

And that’s how it happened. Senator Joe Manchin announced his approval after negotiations with President Biden. The infrastructure investments help both Plug Power and Nel, as both companies are active in the US and benefit from the reduction of carbon emissions.

430 billion US dollars for climate and social affairs

Joe Biden’s package initially envisaged investments of 3.5 trillion US dollars, but now it is still 430 billion US dollars. The money is to flow into the climate-friendly energy supply, e-car promotion and state health insurance Medicare. For example, annual drug spending for the elderly will be capped at $2,000.

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In return, the federal minimum tax rate for companies with profits over $1 billion is set to rise to 15%. In addition, the law is intended to close tax loopholes for the rich.

However, the package is still not completely dry, as it still has to pass the Senate. Republicans have already announced their opposition. They fear “even higher inflation, socialist price controls and job-killer taxes.” But Democrats hold a slight majority, which is why Plug Power and Nel stocks have soared. It could be as early as next week.

Plug Power and Nel benefit

Today’s price gains are nice and likely legislation is positive for Plug Power and Nel stocks. But investors should concentrate on the fundamental development of the values. So far, things are going well, although both companies are yet to turn a profit.

The article Plug Power Stock and Nel Stock: Why They’re Up 24.66% first appeared on The Motley Fool Germany.

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Christof Welzel does not own any of the shares mentioned. The Motley Fool owns shares of shares of and recommends Net ASA.

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