Plug Power Secures Major Electrolyzer Deal, Stock Surges to $2.70
Plug Power's stock rose to $2.70 after signing a significant deal to supply electrolyzers for a 275 MW green hydrogen project in Canada. This uptick reflects improved financial results despite challenges in its largest segment, with revenue expected to reach $803 million this year.
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Plug Power has announced a deal to provide electrolyzers for a 275 megawatt green hydrogen project, boosting its stock to $2.70, the highest since November. Total revenue increased to $709 million last year, with fuel sales rising to $133 million from $66.2 million in 2023.
Analysts expect revenue to hit $803 million this year and $950 million next year. The company's stock has benefited from a short squeeze, with a short interest of 23%. However, risks remain due to the need for additional capital and high hydrogen costs. The stock's technical indicators also show bullish patterns, suggesting potential growth to $3.10 in the near term.
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