Why Plug Power (PLUG) Continues To Rally Today

NEW YORK (TheStreet) -- Plug Power (PLUG) was gaining 10.5% to $9.14 Monday, continuing its rally as demand for hydrogen fuel cells grows.

The hydrogen fuel cell provider's rally follows a week where the stock gained 77%. Plug Power's stock increased nearly six-fold in the past 12 months.

The company recently won a contract from Wal-Mart WMT to provide its batteries for the retail giant's warehouses. The company also recently announced a $22.4 million share offering.

Plug Power's success is also contributing to the recent success f competitors FuelCell (FCEL) and Ballard Power Systems (BLDP).

Must read: Warren Buffett's 10 Favorite Stocks

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PLUG ChartPLUG data by YCharts

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