New York, June 3, 2026, 05:03 (EDT)
- Plug Power shares were at $4.09 ahead of the Nasdaq open, after finishing Tuesday up 3.81%.
- Plug Power wrapped up a federal investment tax credit sale worth about $39.2 million for its hydrogen plant in St. Gabriel, Louisiana.
- Liquidity is still the main concern for Plug. The company burned through $150 million in operating cash in the first quarter and finished March with $223 million in unrestricted cash.
Plug Power Inc. stayed at $4.09 in early premarket hours Wednesday after the hydrogen company said it got close to $40 million in cash by converting a federal clean-energy tax credit. The move kept Tuesday’s gain intact. Regular trading on the Nasdaq was still ahead.
The move is drawing attention now because Plug shares trade less on its hydrogen future and more on near-term cash, margins and how management plans to fund the network without too much pressure on shareholders.
Plug Power said Tuesday it closed the sale of a federal investment tax credit worth about $39.2 million. The ITC is connected to its hydrogen liquefaction plant in St. Gabriel, Louisiana. Under U.S. clean-energy law, some investment tax credits can be sold to outsiders for cash.
Plug Power’s St. Gabriel plant, run through its Hidrogenii venture with Olin Corp., can liquefy up to 15 tons of hydrogen daily. Plug said the facility’s ITC deal comes after it transferred $30 million of credits in January 2025 related to its Woodbine, Georgia site.
Chief Executive Jose Luis Crespo said the deal showed Plug was working on “capital efficiency initiatives designed to strengthen liquidity.” Chief Financial Officer Paul Middleton called it part of a “disciplined financial strategy.” Plug Power
Shares climbed 3.81% Tuesday, ending a three-day slide and finishing at $4.09, MarketWatch reported. Volume hit 81.8 million shares, topping a 50-day average of 78.8 million. The Nasdaq Composite added 0.03% and the Dow gained 0.45%.
The stock outperformed some clean-energy and industrial names in the session. Ballard Power Systems was up 1.27%. Air Products and Chemicals, which is a bigger industrial gas player with hydrogen ties, added 0.14%.
Stock index futures took a breather early Wednesday, with the broader market losing some steam. Oil prices ticked higher, putting pressure on Dow futures, which slipped 0.28%. S&P 500 futures edged down 0.1% and Nasdaq futures hovered near flat as of 4:23 a.m. ET.
Plug’s management met investors this week, sending CFO Middleton and Roberto Friedlander, who leads investor relations, to RBC Capital Markets’ Global Energy, Power & Infrastructure Conference in Manhattan on Tuesday.
The new funding comes after Plug’s first-quarter report showed revenue rose 22% from last year to $163.5 million. Gross margin came in at negative 13%, up from negative 55% a year ago. Crespo called the quarter “strong commercial execution.” Plug Power
Cash conversion is the big risk. Plug reported a $245.3 million net loss in the first quarter and burned $150 million in operating cash. Any delay in asset sales, tax credit monetization, or project timing could bring dilution and funding risk back into focus for investors. Plug warned that financing, policy shifts, hydrogen supply costs and project setbacks could all push results off target.
Next up is a simple test: can the premarket bid hold through the session, and will investors see the tax-credit sale as a recurring funding move or just another stopgap for hydrogen’s costly expansion?
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