What Happened?
Shares of fuel cell technology Plug Power (NASDAQ: PLUG) jumped 5.5% in the morning session after 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.
After the initial pop the shares cooled down to $2.72, up 2.4% from previous close.
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What Is The Market Telling Us
Plug Power’s shares are extremely volatile and have had 99 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 13.3% on the news that the company secured a $1.66 billion loan guarantee from the U.S. Department of Energy and benefited from a broader rally in clean energy stocks.
The move extended an impressive multi-day rally that saw the stock climb for eight straight trading sessions.
A major catalyst was the DOE's approval of the loan, which funded the construction of up to six new hydrogen plants in the U.S., signaling strong government support. Favorable market conditions also played a role, as interest rate cuts by the Federal Reserve lifted clean energy stocks across the board.
Also, Plug Power extended a key partnership with logistics company Uline through 2030 and forged a new collaboration with GH2 Global in Brazil. The company also posted strong results in its electrolyzer business, with sales soaring more than 200% year-over-year.
Plug Power is up 16.7% since the beginning of the year, but at $2.72 per share, it is still trading 13.7% 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 $225.26.
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