What Happened?
Shares of fuel cell technology Plug Power (NASDAQ: PLUG) jumped 22.1% in the afternoon session after the company announced a significant project milestone: the delivery of its first 10-megawatt (MW) electrolyzer module to Galp's Sines Refinery in Portugal. This delivery marks the initial step in what is set to become one of Europe's largest proton exchange membrane (PEM) hydrogen electrolyzer projects. The module is the first of a 10-electrolyzer array that will create a total capacity of 100 MW. Once completed, the project will be capable of producing up to 15,000 tons of renewable hydrogen annually. This green hydrogen will replace 20% of the grey hydrogen currently used by the refinery, significantly reducing its greenhouse gas emissions. The news boosted investor confidence, highlighting Plug Power's progress in deploying its technology at scale and strengthening its position in the European green energy market.
The shares closed the day at $2.94, up 25.9% from previous close.
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What Is The Market Telling Us
Plug Power’s shares are extremely volatile and have had 96 moves greater than 5% over the last year. But moves this big are rare even for Plug Power and indicate this news significantly impacted the market’s perception of the business.
The previous big move we wrote about was 8 days ago when the stock gained 5.5% on the news that the company announced record production levels at its Georgia green hydrogen facility for August 2025. The facility delivered 324 metric tons of green hydrogen, its strongest month on record, with impressive operational metrics of 97% uptime and 99.7% availability. This milestone showed that Plug Power's technology performs well at a commercial scale, a key proof point for its business model.
Plug Power is up 24.5% since the beginning of the year, and at $2.90 per share, it is trading close to its 52-week high of $3.15 from January 2025. Investors who bought $1,000 worth of Plug Power’s shares 5 years ago would now be looking at an investment worth $207.22.
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