Hydrogen fuel cell stock power plug (PLUG) Y Ballard Power Systems (BLDP) increased on Monday. The US Senate passed a sweeping spending bill over the weekend that would put billions of dollars toward clean energy projects. Both companies are set to report quarterly results this week.
The Senate approved the proposal, titled the Inflation Reduction Act, via a partisan vote on Sunday. The legislation includes about $370 billion in funding and programs to accelerate the construction of green energy infrastructure across the country. If it becomes law, the The bill aims to boost the US solar industry.electric vehicle manufacturers and other clean energy sectors.
What’s on the bill?
Among the provisions of the legislation are more than $9 billion for federal procurement of clean technology made in the United States. It also includes $3 billion for the US Postal Service to purchase zero emission vehicles. The bill also includes tax credits and grants of unspecified amounts for states and municipalities that use clean fuels and commercial electric vehicles in public transportation.
Another key part of the package includes tax credits for the manufacture of clean hydrogen and clean energy, with specific amounts for photovoltaic cells and wind turbine blades. There is $60 billion for clean energy production on land and about $30 billion in production tax credits to speed up the manufacturing of solar panels, wind turbines and batteries in the US.
There is approximately $30 billion in targeted grant and loan programs for states and electric utilities to accelerate the transition to clean electricity. The package also includes up to $20 billion in loans to build new electric vehicle factories and $2 billion in grants to retrofit existing auto plants to make electric vehicles.
Hydrogen Fuel Cell Stocks: PLUG Earnings
Dear All: Analysts predict that Plug Power will report a net loss of 20 cents per share and $161 million in revenue in the second quarter.
Profits: Check Tuesday after market close. PLUG shares regained support at their 40-week moving average last week, on the heels of a powerful three-week advance. It is well below recent highs but could be forming a bottom base.
PLUG shares were up 1.7% at 25.62 at Monday’s close. market trading.
Plug Power’s stock went public in 2002. Headquartered in Latham, NY, Plug Power supplies hydrogen fuel cells Mainly for forklift trucks in large warehouses. Its fuel cells replace conventional batteries in equipment and vehicles that run on electricity. Plug Power customers include retail giants Amazon (AMZN), walmart (WMT), Nike (OF) Y house deposit (High Definition).
The company aims to produce more than half of its hydrogen power from fully renewable sources by 2024. It also aims to diversify from forklift trucks to heavy duty vehicles serving ports in the US and Europe, as well as fuel cells. stationary fuel tanks to power data centers and distribution centers.
In the first quarter, PLUG reported a loss of 27 cents per share, lower than expectations for a loss of 16 cents. Revenue rose 96% to $140.8 million, but also missed forecasts of $144.8 million.
PLUG stock has a 69 Composite score of 99. It has a relative strength rating of 89, an exclusive IBD stock check gauge for stock price movement with a score from 1 to 99. The rating shows how a stock’s performance over the last 52 weeks compares to all other stocks in the IBD database. The EPS rating is 18.
Hydrogen Fuel Cell Stocks: Ballard Power Systems Earnings
Dear All: Wall Street forecasts a net loss of 12 cents per share and $24.6 million in revenue in the second quarter.
Results: Check Wednesday morning.
Canada-based Ballard Power Systems focuses on the development of fuel cells for commercial vehicles. This includes buses, trucks, trains, ships and boats, as well as stationary power units. Like Plug Power, Ballard is betting big that hydrogen will be a key part of the global energy transition away from fossil fuels.
BLDP shares rose 1.25% to 8.88 on Monday.
Ballard missed estimates in the first quarter with a loss of 14 cents a share on sales of $21 million. Analysts predict that Ballard will report a loss of 52 cents a share in 2022 on $110.3 million in revenue.
“We ended the quarter with strong cash reserves of $1.1 billion, enabling us to execute on our growth strategy,” CEO Randy MacEwen said after the first quarter.
“We are confident that investing ahead of the curve will position the company for significant market share as hydrogen adoption accelerates in the coming years,” he added.
Ballard has a composite rating of 30. It has a relative strength rating of 27 and an EPS rating of 2. While both fuel cell stocks are making strong three-week gains, Ballard is still down 78% from a February high. of 2021.
Follow Kit Norton on Twitter @KitNorton for more coverage.
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