Plug Power (PLUG) is heating up. For one, Nikola just received a letter of intent for an order of 100 Class 8, heavy-duty Nikola Tre hydrogen Fuel Cell Electric Vehicles (FCEVs) from GP JOULE, a system provider for integrated energy solutions based in Germany. That’s a big deal for PLUG because it and Nikola signed a hydrogen supply agreement in December.
Two, DNB Asset Management just increased its position, buying 243,000 shares in the fourth quarter. And we can’t forget how explosive the hydrogen market could get. Goldman Sachs, for example, believes that the hydrogen space could become a $12 trillion market by 2030.