NEW YORK, July 9, 2026, 18:04 EDT
- Plug Power dropped for the third session in a row, despite getting a 50 MW electrolyzer order for what will be Australia’s biggest renewable hydrogen project if it reaches final investment decision.
- The market is watching for project wins to start driving cash, better margins, and near-term revenue. That’s what investors want to see.
Plug Power Inc. NASDAQ:PLUG shares dropped 3.25% to $2.38 on Thursday, marking their third straight day of losses. The hydrogen gear maker posted new business wins in Australia and Canada. Nasdaq was up 1.30% that day, so Plug’s move doesn’t track with the broader tape.
The selloff caught attention because this order wasn’t small. Plug said Orica Ltd ASX:ORI picked its GenEco PEM electrolyzers for a 50 MW hydrogen hub. PEM electrolyzers use electricity and a membrane to split water into hydrogen and oxygen. That’s less than one-sixth of Plug’s stated 320 MW-plus deployed GenEco systems, so investors got a fresh backlog number — but still, the stock fell.
Traders made it clear: results matter more than talk. Plug saw 36.2 million shares change hands, only about half its average over the last 50 days, and the stock held 48% under its 52-week high, per MarketWatch. Morgan Stanley kept its “underweight” rating, still betting on underperformance, but upped its price target to $1.65 from $1.50, according to Benzinga. Benzinga
| Market read-through | Latest data |
|---|---|
| Plug Power finished at | $2.38 |
| Plug Power dropped | -3.25% |
| Shares have fallen around 10% between Monday and Thursday’s closes | about -10% |
| Nasdaq Composite rose Thursday | +1.30% |
| Morgan Stanley’s newest target price | $1.65 |
Orica’s Hunter Valley Hydrogen Hub is set to make a mark. The company said it will make 4,700 tonnes of renewable hydrogen each year, enough to supply roughly 26,600 tonnes of low-carbon ammonia. The project is expected to cut natural gas use at Kooragang Island by around 7.5%. Orica plans to begin construction in 2026, with first output expected in early 2029.
| Hunter Valley metric | Figure |
|---|---|
| Plug is supplying 50 MW of electrolyzers | 50 MW |
| Annual hydrogen output planned | 4,700 tonnes/year |
| Ammonia output expected per year | 26,600 tonnes/year |
| Orica expects to cut gas feedstock use | about 7.5% |
| Target for first production | early 2029 |
| Orica’s estimated net construction spend | A$245 million-A$283 million |
José Luis Crespo, Plug CEO, called Australia “a key part of our global growth story.” Orica’s group president for AusPac and Sustainability, Germán Morales, said Orica picked Plug for its “proven track record in delivering large-scale PEM systems.” Plug Power
The project depends on government backing. The Australian Renewable Energy Agency said Orica will get A$432 million from the Hydrogen Headstart program, which pays out production credits over a decade to close the price gap between renewable hydrogen and the market. ARENA CEO Darren Miller described hydrogen as “a complex, capital-intensive industry.” Plug investors have been hearing that for a while. Australian Renewable Energy Agency
The other new item was at an earlier stage. Plug said it signed an MOU with Expander Energy to bring Plug’s GenEco tech into the planned Mackenzie Biofuel Project in British Columbia. If it moves ahead, Plug said the facility could turn out as much as 120 million litres of renewable fuels per year and cut up to 360,000 tonnes of CO2 a year.
Peer names traded mixed, but didn’t drop like Plug. Recent quotes had Ballard Power Systems Inc. NASDAQ:BLDP up 0.5%, Bloom Energy Corp. NYSE:BE up 1.0%. Air Products & Chemicals Inc. NYSE:APD slipped 0.3%.
| Company | Ticker | Latest move |
|---|---|---|
| Plug Power | NASDAQ:PLUG | off around 3.0% |
| Ballard Power Systems | NASDAQ:BLDP | up about 0.5% |
| Bloom Energy | NYSE:BE | added roughly 1.0% |
| Air Products & Chemicals | NYSE:APD | slipped around 0.3% |
Plug’s timing and cash needs remain in focus. First-quarter revenue was up 22% to $163.5 million, and gross margin jumped. Still, the company recorded a net loss of $246 million and burned through $150 million in operating cash. Plug finished March with $802 million total cash, including $223 million of unrestricted cash. The company said cash use is expected to get better through 2026.
So far, shares are taking the Orica deal as a sign of confidence, not a real shift. Investors are looking to see if Plug can turn those 2029 hydrogen plans into revenue sooner, cut losses, and burn less cash before funding questions come up again.
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