Plug Power stock gains after company wins part in $21.8 million European grant

Shares of Plug Power Inc.
PLUG,
-0.76%
were rising 1.6% in premarket trading Tuesday after the alternative-energy company announced that it was part of a group of companies that got a $21.8 million grant from the European Commission to build an offshore hydrogen production plant. Plug Power will design and deliver a 10-megawatt proton exchange membrane (PE) electrolyzer system as part of HOPE (Hydrogen Offshore Production Europe), a consortium that includes nine companies. This PEM will go to a North Sea site located off a Belgian port. The project is meant to produce up to four tons daily of green hydrogen at sea, according to a press release. Plug Power shares are off 26% so far this year, as the S&P 500
SPX,
-0.45%
has increased 13%.