- The stock price of Polar Power Inc (NASDAQ: POLA) is trading at over 15% pre-market today. This is why it happened.
The stock price of Polar Power Inc (NASDAQ: POLA) — a company that designs, manufactures and sells direct current, or DC, power systems, lithium battery powered hybrid solar systems for applications in the telecommunications market — is trading at over 15% pre-market today. Investors appear to be reacting to some of the expected first actions of the incoming Biden administration following Inauguration Day taking place on Wednesday.
President-elect Joe Biden is expected to sign nearly a dozen executive actions to address the pandemic, the economy, climate change, and racial equity, according to a memo by incoming White House Chief of Staff Ron Klain. A number of solar power and energy companies are also seeing significant percentage gains today, including Tesla, Lithium Americas, Plug Power, FuelCell, SolarEdge, and Gevo.
On Friday, the U.S. Department of Energy’s Office of Fossil Energy (FE) announced plans to make $160 million in federal funding available to help recalibrate the nation’s vast fossil-fuel and power infrastructure for decarbonized energy and commodity production. And the funding — for cost-shared cooperative agreements — is aimed to develop technologies for the production, transport, storage, and utilization of fossil-based hydrogen, with progress towards net-zero carbon emissions.
Currently, fossil fuels provide the lowest cost pathway for producing hydrogen, according to cost data in a recent DOE/FE Hydrogen Strategy Document. And the U.S. will authorize advanced and novel technologies capable of improving the performance, reliability, and flexibility of methods to produce, transport, store, and use hydrogen. This is going to enable the U.S. to continue to extract the maximum economic value from fossil fuel energy resources. When coupled with carbon capture and storage capabilities, the low-cost hydrogen sourced from fossil energy feedstocks and processes will significantly reduce the carbon footprint of these processes and enable progress toward hydrogen production with net-zero carbon emissions.