Norway's central bank, Norges Bank, has raised its stake in Plug Power Inc (NASDAQ: PLUG), now holding 7.95% of the US green hydrogen solutions provider. The bank has acquired nearly 69.7 million shares with voting rights, according to a filing made public on Thursday.
Norges Bank clarified that this investment was not intended to change or influence the control of Plug Power or any related transactions. Previously, the bank held over 25.6 million shares, valued at approximately USD 266 million (EUR 243.1 million), which represented a stake of about 2.9% as of June 30.
Following the announcement, Plug Power's shares rose 7.61% to close at USD 2.12 in New York, giving the company a market capitalization of around USD 1.85 billion.
Plug Power specializes in providing solutions for an end-to-end green hydrogen ecosystem, having deployed more than 69,000 fuel cell systems and over 250 fueling stations. Recently, the company entered a binding framework agreement with Allied Green Ammonia (AGA) to finalize a 3-GW electrolyzer supply deal for AGA's planned green hydrogen-to-ammonia plant in Australia, projected to be one of the largest in the world.
