Plug Power stock charges higher toward a 4-month high after receiving order for ‘largest announced oil and gas project in Europe’

Shares of Plug Power Inc.
PLUG,
+7.57%
powered up 3.3% toward a four-month high in premarket trading Thursday, after the fuel-cell company announced an order, which it described as the “largest announced project in the oil and gas sector in Europe.” The order was for 100 megawatts (MW) of proton exchange membrane electrolyzers, which will be powered by 100% renewable energy and generate about 43 tons of green hydrogen per day. The will allow for the elimination of about 516 tons per day of carbon dioxide. Financial terms and the the oil and gas company which ordered the electrolyzers was not disclosed. The stock, which has rallied 15.6% amid a four-day win streak through Wednesday, has soared 23.7% over the past three months while the S&P 500
SPX,
+0.61%
has gained 7.9%.