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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