NEW YORK, July 1, 2026, 15:03 EDT
- Plug Power slipped 2.2% to $2.65. The stock trailed the clean-energy ETF but did better than FuelCell Energy and Bloom Energy.
- By mid-afternoon, the stock had traded roughly $109 million in value, which was near the low end of a Stream Data Centers deal that Plug said could bring in $132.5 million to $142 million.
- The asset sale is big compared to Plug’s balance sheet. The top range is about 64% of the $223 million in unrestricted cash Plug listed at March 31.
- Nasdaq’s 2026 calendar puts the Independence Day holiday on July 3, which is listed as closed. The exchange was open as usual on July 1.
Plug Power Inc. NASDAQ:PLUG slipped in mid-afternoon Wednesday, but the focus was on the balance sheet. Trading volume in Plug shares was close to matching the scale of a forthcoming asset sale that investors have pegged as a key liquidity signpost.
Plug traded at $2.65, off 2.2%, with 41.3 million shares moving. That volume worked out to $109 million, about 3.0% of Plug’s $3.68 billion market cap.
| Instrument | Google Finance ticker | Last quoted | Day move | Intraday range |
|---|---|---|---|---|
| Plug Power Inc. shares | NASDAQ:PLUG | $2.65 | dropped 2.2% | traded between $2.64 and $2.80 |
| FuelCell Energy Inc. stock | NASDAQ:FCEL | $31.95 | fell 11.3% | moved from $31.92 up to $38.42 |
| Ballard Power Systems Inc. | NASDAQ:BLDP | $3.79 | down 2.6% | ranged from $3.695 to $4.00 |
| Bloom Energy Corp. | NYSE:BE | $288.85 | lost 4.6% | traded between $286.70 and $331.90 |
| iShares Global Clean Energy ETF | NASDAQ:ICLN | $20.23 | slipped 1.3% | moved from $20.19 to $20.94 |
| iShares Russell 2000 ETF | NYSEARCA:IWM | $300.09 | off 0.1% | traded between $298.84 and $302.70 |
The peer table had Plug trading better than some other hydrogen stocks. FuelCell Energy Inc. NASDAQ:FCEL dropped 11.3%, Bloom Energy Corp. NYSE:BE was off 4.6%, and Ballard Power Systems Inc. NASDAQ:BLDP fell 2.6%. The iShares Global Clean Energy ETF NASDAQ:ICLN was 1.3% lower. iShares Russell 2000 ETF NYSEARCA:IWM was nearly flat.
For Plug holders, it’s not just about what peers are doing. The real point is how Plug’s expected cash inflows stack up against its own reported cash base.
Plug said in February it reached a deal with Stream Data Centers to sell its stake in the Project Gateway site in New York. The agreement calls for gross proceeds of at least $132.5 million and could climb to $142 million. The closing long-stop date is June 30.
| Cash or market item | Amount | Why it matters for Plug holders |
|---|---|---|
| Market value at latest quote | $3.68 billion | The Stream top end is about 3.9% of market cap |
| Rough traded value by mid-afternoon | $109 million | That’s close to 77% of the up to $142 million raise |
| Stream deal gross proceeds | $132.5 million-$142 million | Cash coming in from asset sales |
| Q1 unrestricted cash | $223 million | High end of Stream makes up about 64% of unrestricted |
| Q1 total cash, including restricted cash | over $802 million | Roughly $579 million of that is restricted |
Plug finished Q1 with over $802 million in total cash, split between $223 million in unrestricted funds and about $579 million in restricted cash. The company said it expects to free up about $50 million of restricted cash each quarter for the next few years.
The Stream deal is big for Plug, a stock that usually trades on liquidity. If the deal hits the top end, gross proceeds would come to about 64% of Plug’s unrestricted cash at March’s end. Even at the lower end, that’s about 59% of that same cash pile.
Plug said in May it was looking for around $275 million from hydrogen project asset sales, including the Stream deal. At the time, Plug said it saw the first sale, worth about $142 million, closing in June.
Plug CEO Jose Luis Crespo told investors in May that first-quarter numbers showed “continued progress improving the underlying economics.” Crespo said Plug is still aiming for positive EBITDAS in Q4 2026. GlobeNewswire
The company posted a better operating base but is still in the red. First-quarter revenue climbed 22% from a year ago to $163.5 million. GAAP gross margin improved, now at negative 13%, compared with negative 55% last year. Adjusted loss per share came in at 8 cents, better than the 17-cent loss a year earlier.
Plug gave its latest operational update last week, saying it finished commissioning and handed over a 5 MW GenEco PEM electrolyzer at European Energy’s Måde Power-to-X site in Denmark. At full capacity, the facility should turn out about 550 metric tons of green hydrogen a year.
Crespo said in the release the company is seeing “a shift from one-off deployments to repeatable execution.” Rene Alcaraz Frederiksen, European Energy’s head of Power-to-X, called the Måde location “an important step” for getting projects running. Plug Power
Growth and clean-energy stocks traded weaker. The Nasdaq Composite (INDEXNASDAQ:.IXIC) fell 0.22% in afternoon trade, Reuters reported. The S&P 500 hovered near unchanged. According to the same report, U.S. markets will close Friday for the Fourth of July holiday.
Nasdaq’s 2026 holiday calendar says U.S. markets will be closed July 3 for Independence Day observed. On all other days, regular trading will run from 9:30 a.m. to 4:00 p.m. Eastern.
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