Why Plug Power (PLUG) Shares Are Sliding Today

October 02, 2025 at 15:20 PM EDT

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What Happened?

Shares of fuel cell technology Plug Power (NASDAQ: PLUG) fell 3.1% in the afternoon session after the stock gave back some of its recent gains following a significant rally in the previous trading session.

The move came after the stock closed up more than 25% the previous day. That surge was fueled by an announcement that the company had delivered its first 10-megawatt electrolyzer to Galp's Sines refinery in Portugal. This delivery marked the first of ten modules for what is set to become one of Europe's largest green hydrogen projects. The positive operational update contributed to a more than 90% rise in the stock's value over the past month, setting the stage for the subsequent pullback.

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What Is The Market Telling Us

Plug Power’s shares are extremely volatile and have had 97 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 1 day ago when the stock gained 22.1% on the news that 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.

Plug Power is up 22.1% since the beginning of the year, but at $2.85 per share, it is still trading 9.7% below 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 $201.22.

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Why Plug Power (PLUG) Shares Are Sliding Today

What Happened?

What Is The Market Telling Us

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