Plug Power Inc (NASDAQ: PLUG) closed at $2.83, down 3.41%. Trading volume reached 121 million shares, about 2 times its three-month average of 76 million.
U.S. markets ended slightly higher. The S&P 500 (SNPINDEX:^GSPC) edged up 0.062% to 6,715.35, while the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 0.39% to 22,844.05.
Among hydrogen energy peers, Bloom Energy Corp (NYSE: BE) fell 2.43% to $88.00, and FuelCell Energy Inc (NASDAQ: FCEL) dipped 0.57% to $8.68.
Plug's decline came amid mixed company and policy developments. The firm recently delivered its first large-scale hydrogen electrolyzer system to a refinery in Portugal and reported strong production at its Georgia plant. It also added a new sales agent to its share-sale program, providing more flexibility to raise funds. At the same time, investor worries deepened after government cuts put roughly $75 million in hydrogen funding at risk, as part of $7.5 billion in energy projects cut following the government shutdown. The Department of Energy said the canceled programs didn't meet long-term national energy needs, adding another challenge to Plug's already capital-intensive growth plans.
Market data sourced from Google Finance and Yahoo! Finance on Thursday, October 2, 2025.
