Plug Power Inc (NASDAQ:PLUG) and FuelCell Energy Inc (NASDAQ:FCEL) shares are surging in Wednesday's after-hours session after Senator Joe Manchin reversed his opposition to a bill that includes provisions to address climate change.
Manchin announced on Wednesday that he has reached an agreement with Senate Majority Leader Chuck Schumer to vote on the "Inflation Reduction Act of 2022," according to a statement from Manchin.
The Inflation Reduction Act will address record inflation by paying down national debt, lowering energy costs and lowering healthcare costs.
"This legislation ensures that the market will take the lead, rather than aspirational political agendas or unrealistic goals, in the energy transition that has been ongoing in our country," Manchin said.
"The Inflation Reduction Act of 2022 invests in the technologies needed for all fuel types – from hydrogen, nuclear, renewables, fossil fuels and energy storage – to be produced and used in the cleanest way possible," he added.
Plug and FuelCell shares jumped on the release. Plug Power is building an end-to-end green hydrogen ecosystem including production, storage and delivery to energy generation. The company plans to build and operate green hydrogen highways across North America and Europe.
FuelCell designs, manufactures and sells fuel cell products, which efficiently convert chemical energy in fuels into electricity through a series of chemical reactions.
PLUG, FCEL Price Action: At press time, Plug was up 11.2% in after hours at $19.11, while FuelCell was up 7.67% at $3.65.
Photo: courtesy of Plug Power.