NEW YORK, June 24, 2026, 13:04 (EDT)
- Plug said it finished and delivered a 5 MW electrolyzer to European Energy’s Måde Power-to-X site in Denmark.
- Shares fell 1.8% to $2.66 in early afternoon New York trading. The stock had posted losses in the last two sessions.
- The stock is still weighed down by issues with cash use, margins, and how it executes projects.
Plug Power shares dropped Wednesday in regular Nasdaq trading after the hydrogen equipment maker announced it completed a project handover in Denmark.
Plug shares fell 1.8% to $2.66 by 12:49 p.m. EDT. The stock moved between $2.585 and $2.77 so far, with volume around 27.7 million shares. Market cap was about $3.7 billion.
Plug said it has finished putting in, testing, and handing over a 5 MW GenEco PEM electrolyzer at European Energy’s Måde Power-to-X plant in Esbjerg, Denmark. The Power-to-X setup uses renewable energy to make hydrogen or other fuels with less carbon. Electrolyzers split water into hydrogen and oxygen using electricity. Plug said the facility should make about 550 metric tons of green hydrogen a year at full run rate. CEO José Luis Crespo said the work is a “shift from one-off deployments to repeatable execution.” René Alcaraz Frederiksen, who heads Power-to-X for European Energy, said the site has moved “from concept into operation.” Plug Power
Plug shares had been sliding before Wednesday. The stock lost 2.87% to close at $2.71 on Tuesday, marking two straight sessions in the red after falling 2.11% on Monday.
Peer group moves were mixed. Bloom Energy gained 3.7%. FuelCell Energy shed 1.9% and Ballard Power Systems lost 9.1%.
Plug’s Denmark news comes after its first-quarter update in May. Revenue was up 22% to $163.5 million and GAAP gross margin improved to negative 13%, better than negative 55% a year ago. Net loss attributable to Plug stayed high at $245.3 million.
Crespo said in May the quarter leaves Plug on track to hit its EBITDAS positive target for Q4 2026. EBITDAS is earnings before interest, income tax, depreciation, amortization and share-based expense—a profit figure Plug adjusts. The company said it cannot reconcile that target to GAAP net income, saying some items aren’t possible to predict accurately.
Cash is still in focus. Plug said on June 2 it sold a federal investment tax credit linked to its St. Gabriel, Louisiana hydrogen plant for about $39.2 million. CFO Paul Middleton called the deal part of its “disciplined financial strategy.” GlobeNewswire
Denmark’s handover isn’t likely to resolve Plug’s stock questions in the short term. The company flagged risks ranging from changing policies, market acceptance, rivals in the electrolyzer space, supply-chain issues and how it handles liquidity and profits, saying any of these could push actual results off target.
