What happened

Bloom Energy (BE -5.62%) stock jumped 7.7% at the market's opening today. Although the hydrogen fuel cell stock gave up some of those gains as the day progressed -- it was up 3% as of 12:40 p.m. -- it's worth knowing what reignited investor interest in a stock that had shed almost 16% in value in just the past couple of weeks.

So what

Two things drew attention to the hydrogen stock today: a mega contract that a rival won, and an analyst update.

This morning, Plug Power announced a multiyear agreement with e-commerce giant Amazon to supply liquid hydrogen beginning in 2025. Although Amazon and Plug Power are long-standing partners, the new agreement affirms a growing global interest in green hydrogen as more organizations across the globe commit to a low-carbon future. 

On the one hand, a rival getting an edge may not sit well with Bloom Energy investors. Yet Amazon's jump into hydrogen could encourage more companies to consider using the fuel to decarbonize, and therefore open up more opportunities for hydrogen companies including Bloom Energy. Bloom Energy, for that matter, already counts some of the largest companies in the world among its customers, thanks to its on-site fuel-cell energy servers that can provide uninterrupted supply generated from renewable energy. 

This morning, analyst Julien Dumoulin-Smith from Bank of America also resumed coverage on Bloom Energy stock with a buy rating and a price target of $34 per share, backed by the company's recent capital raise through the issue of nearly 15 million shares. While a stock issue can dilute the wealth of existing shareholders, investors expect Bloom Energy to use the funds productively to boost its manufacturing capacity and research and development spending.

Now what

Bloom Energy is on strong footing, generating solid revenue and one of the highest margins among publicly listed hydrogen stocks. The company also expects to generate more than $1 billion in revenue this year and turn in positive operating cash flow. For a company with such an encouraging financial profile in a high-growth industry, it's not surprising to see investors bid the stock higher on days of big developments in the hydrogen industry.