Plug Power Inc (NASDAQ:PLUG) Set To Fly Higher

Plug Power Inc (NASDAQ:PLUG) keeps creeping higher. The fuel cell power company has been featured many times in Insider Financial. We wrote about PLUG for the first time in "Plug Power Inc (NASDAQ:PLUG) On The Comeback Trail" when the share price was just $1.50. We said the following words about the company's results:

"We believe that market participants became bullish about Plug after the market got to know its Q4 2017 earnings, which were strong according to the CFO, Paul Middleton. The company delivered fourth quarter GAAP revenue of $32.6 million, which represents an 85% increase sequentially. In addition, fourth quarter GAAP gross margin of $3 million was reported, which is 9.2% of sales." Source

Some weeks later, we made another reference to the company in "Plug Power Inc (NASDAQ:PLUG) Joins Forces With Amazon.com Inc (NASDAQ:AMZN)". The agreement with Amazon was the most important at that time. The announcement made the share price rise to $2.40. We said the following words about the stock:

"The fact that market participants remained bullish on this name even when the company was not delivering good numbers, which made us write a piece about his company. We were right; the company delivered very good news after a few days. If you have invested when we published it, you must have made approximately a 50% return on investment. By joining forces with Amazon, there could be a lot more gains to be had. We believe this news is a real game changer for Plug Power and the start of a new bull run for the company’s shares. We will be updating our subscribers as soon as we know more. For the latest updates on PLUG, sign up below! " Source

Today, we are bringing a new update on PLUG, as the share price went even higher. Have a look at the recent price action:SourceRecent DevelopmentsLet's recap briefly the business of PLUG before we go on with the most recent news. Plug Power Inc provides environmentally friendly transportation solutions with the help of fuel cell power solutions based on hydrogen. The hydrogen cell fuel is an environmentally friendly option and is expected to be a major driving force in the future. Plug Power has a market capitalization of $545 million and is emerging as the market leader in environment friendly transportation for the food and beverage industry. As a result, it is emerging as a favorite for businesses that concentrate on sustainable development.What's new? The share price jumped 10% on July 21, 2017, once TheStreet put out that Walmart Inc. has increased its partnership with PLUG. The company "will provide its GenKey hydrogen fuel station and fuel cells to up to 30 additional Walmart stores in North America over the next three years." Both companies had been collaborating before. This new agreement shows that the technology provided is really working, and PLUG is growing at a high pace. Some other investment sites celebrated the news and noted the warrants that Wall-Mart is using to invest in PLUG. Marketwatch reported about the deal as “Plug Power made the disclosure in a filing with the Securities and Exchange Commission, that outlines the vesting schedule for the warrants, which depends on how much Wall-Mart invests in the company's products and services.”Additionally, some other press releases came out. Plug Power Inc. was recognized by Food Logistics’ annual Top Green Providers for providing impeccable environmentally friendly services. Global newswire reported that the customers of Plug Power have seen up to an 80% reduction in greenhouse gas emissions in the following year after implementation. “Plug Power customers have operated with fuel cell power for more than 135 million hours and have completed more than 6.6 million hydrogen forklift fueling”. Andy Marsh, the CEO of Plug Power Inc., believes that the hydrogen cell has been a revelation in the food transportation industry by stating “Our solutions are truly making a difference in how food and beverages are moved around the world, and we’re proud to have made the Top Green Providers List for 2017."ConclusionWe commenced assessing the news released by PLUG, when the company was unknown, only because it was putting out incredible earnings results. Big corporations like Wal-Mart and Amazon rapidly understood the technology behind this exciting company. They acquired stakes in the company and are also using the fuel cell power solutions in their plants. As the new positions were reported, the stock price jumped. We discovered the stock when it was trading close to $1.5; it recently touched the $2.4 level. We believe that the story is not over. Hence, be ready to analyze the latest news on the company. We will do the same and will keep our subscribers posted.For the full story, check out our complete coverage.We will be updating our subscribers as soon as we know more. For the latest updates on PLUG, sign up below!Image courtesy of Keoni Cabral via FlickrDisclosure: We have no position in PLUG and have not been compensated for this article.