NEW YORK, June 25, 2026, 13:02 (EDT)
- Plug Power Inc. NASDAQ:PLUG closed at $2.62, gaining 0.4%. Shares had dropped 3.7% on Wednesday.
- Plug Power says the Denmark electrolyzer project will turn out roughly 550 metric tons of green hydrogen each year, equal to about 1.5 tons daily.
- The output is under 4% of Plug’s U.S. capacity, which is about 40 tons per day.
- Plug has a Hold consensus, FactSet said, with an average price target at $3.69. Estimates range from $0.75 to $7.00.
Plug Power Inc. NASDAQ:PLUG edged up 0.4% to $2.62 Thursday, with close to 26 million shares traded. The company’s market cap sat around $3.64 billion. The stock stayed above its intraday low of $2.50 and was little changed from Wednesday’s $2.61 close.
Plug edged up after slipping for three days. Shares dropped 3.69% Wednesday. The Nasdaq Composite lost 0.43%. The Dow closed up 0.35%.
Plug has given investors a new 5 MW number to focus on. On June 24, the company said it wrapped up installation, commissioning, testing and handover of a 5 MW GenEco PEM electrolyzer for European Energy at its Måde Power-to-X project in Esbjerg, Denmark.
The Måde site, running at full tilt, should make around 550 metric tons of green hydrogen a year—about 1.5 tons a day. Back in May, Plug said its Georgia, Tennessee, and Louisiana plants together bring in a daily capacity of roughly 40 tons.
Måde accounts for under 4% of Plug’s U.S. production capacity. Plug just supplied the equipment—European Energy developed and runs the site. The project is a proof point for the stock, but it’s small and doesn’t settle the bigger cash and margin issues for Plug.
Plug CEO José Luis Crespo said the company is now focused on “repeatable execution.” European Energy EVP Rene Alcaraz Frederiksen, who leads Power-to-X, said the site brought Power-to-X projects “from concept into operation.” Hydrogen Tech World.com
Plug’s shares aren’t moving on hydrogen hype these days. What matters is whether projects convert to revenue without burning more cash. First quarter revenue was up 22% at $163.5 million. GAAP gross margin came in at negative 13%, better than last year’s negative 55%. Even with those gains, Plug posted a $245.3 million net loss and burned $150.0 million in operating cash.
The stock barely moved as clean energy names sold off. iShares Global Clean Energy ETF NASDAQ:ICLN dropped 1.5% around the same period. Invesco QQQ Trust NASDAQ:QQQ and iShares Russell 2000 ETF NYSEARCA:IWM each gained about 0.4%.
Plug shares have six Buy calls, one Overweight, 11 Holds, one Underweight and two Sells, according to FactSet data published by The Wall Street Journal. The average price target stands at $3.69, while the stock last traded around $2.62. Estimates go from as low as $0.75 to as high as $7.00.
Plug is set to release its next earnings update Aug. 10, according to Benzinga. Analysts are looking for a second-quarter loss of 8 cents per share on $169.53 million in revenue. That would be lower than the $173.97 million Plug posted last year.
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