Plug Power added to Russell 3000 index

Plug Power Inc. has become a part of the Russell 3000 index.

Inclusion on the list could raise the visibility of the Albany, N.Y.-based fuel cell developer's stock. Russell Indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for investment strategies.

Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes. Plug Power (Nasdaq: PLUG) had a market capitalization of $221.4 million as of June 27.

Membership in the Russell 3000, which remains in place for one year, means automatic inclusion in either the large-cap Russell 1000 Index or small-cap Russell 2000 Index, as well as the appropriate growth and value style indexes. Plug Power was added to the Russell 2000.

"We believe the inclusion will raise the visibility of our stock specifically, and alternative energy stocks in general, within the investor community,'' said Andy Marsh, president and CEO of Plug Power. "Our expectation is that investment managers and institutional investors will hold Plug Power stock as part of their long-term investment strategies.''

Source: The Business Review