Plug Power Inc. (NASDAQ: PLUG) has just seen a major volume spike with a move to the upside on a news headline. A press release was issue that 3M (NYSE: 3M) and Plug Power entered into an exclusive commercial supply agreement for 3M membrane electrode assemblies to be used as a critical component in Plug Power’s GenSys proprietary proton exchange membrane reformate stacks. The continuous run GenSys(R) prime power fuel cell systems are being deployed into rural India and will replace diesel generators at remote telecommunication sites.
PLUG shares are now up 20% at $1.10 on over 2 million shares as of 10:17 AM EST. The headline hit at 10:14 AM EST so this is a sudden burst move as the average daily volume here is only about 600,000 shares. The 52-week trading range is $0.64 to $1.55 and the market cap is a mere $145 million.
JON C. OGG
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