What happened At the forefront of the burgeoning hydrogen economy, Plug Power (NASDAQ: PLUG) is a fuel cell specialist that is closely followed by growth and renewable energy investors alike. So when the company shares big news, the market responds. And that's exactly what's happening today. As of 10:35 a.m. EDT, shares of Plug Power have risen 10.4%. Image source: Getty Images. So what The first item helping to buoy Plug Power's stock is the company's new collaboration with Phillips 66 (NYSE: PSX). According to Plug Power, the two companies have signed a memorandum of understanding which will have them partnering on various hydrogen-related opportunities. Specifically, the two companies identified three areas in which they plan to focus: Integrating and scaling low-carbon hydrogen in the industrial sector. Advancing hydrogen fueling opportunities for the mobility sector. Developing hydrogen-related infrastructure to support the build-out of the hydrogen value chain. Plug Power is clearly optimistic about the value of the partnership with Phillips 66. "Phillips 66 stands to help us meet our goal of producing 1,000 tons per day of green hydrogen while deploying cost-efficient solutions within the renewable fuels sector," David Bow, executive vice president of electrolyzers solutions at Plug Power said in a statement. Looking skyward, Plug Power also announced today that it's collaborating with Airbus. The two companies will "study the feasibility of bringing green hydrogen to future aircraft and airports worldwide." In addition to Plug Power focusing on opportunities for developing hydrogen infrastructure at airports, Airbus is interested in the possibility of developing hydrogen-powered aircraft. Now what While investors are celebrating Plug Power's two announcements, it's critical to recognize that both of the these collaborations are far from yielding any fruit, and it's not unheard of for signed memorandums of understanding to not actually lead to lucrative partnerships. Nonetheless, it appears to be an auspicious sign that Plug Power may very well emerge as a winner in the build-out of the hydrogen economy. 10 stocks we like better than Plug PowerWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Plug Power wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of September 17, 2021 Scott Levine has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source