Fuel-cell stock Plug Power (NASDAQ:PLUG) opened Tuesday on a positive note, gaining 2.8% within the first 20 minutes of trading. Despite slipping into negative territory soon after, the hydrogen fuel stock bounced back and was up 2.3% as of 3:30 p.m. EDT.
It appears investors in Plug Power couldn’t easily decide what to make of the big news coming in from the red-hot hydrogen fuel market today.
On Sept. 7, South Korea’s largest automaker Hyundai Motor Group (OTC:HYMTF) announced ambitious hydrogen plans at the self-hosted Hydrogen Wave global virtual forum.
Under its “Hydrogen Vision 2040,” Hyundai Motor said it plans to electrify all commercial vehicles by 2028 using hydrogen fuel-cell systems. The company wants to become the world’s first automaker to fully convert its commercial fleet in a bid to reduce global dependency on fossil fuels.
Hyundai isn’t new to the hydrogen fuel-cell game, having built its first fuel-cell electric vehicle in 1998. It went on to launch several fuel-cell cars and buses, including the Tucson ix35 in 2007, fuel-cell SUV NEXO in 2018, and XCIENT fuel-cell truck in 2020.