Plug Power (PLUG 25.88%) stock, maker of hydrogen fuel cells -- and the hydrogen to fuel them, too -- rocketed ahead 26.4% through 3:30 p.m. ET Monday after announcing a "strategic collaboration" in... Uzbekistan, of all places.
Image source: Getty Images.
What's Plug Power up to in Uzbekistan?
As the company explained in a press release, it is expanding a partnership with Australia's Allied Green Ammonia to set up a new 2-gigawatt (GW) hydrogen fuel electrolyzer plant, part of "a sustainable fuels project in Uzbekistan."
Backed by the Government of Uzbekistan, Plug's electrolyzer technology will be used in a new $5.5 billion green chemical production facility in Uzbekistan to produce "sustainable aviation fuel, green urea, and green diesel." Including work with Allied Green Ammonia in Australia, Plug says the companies' "5 GW partnership now span[s] two continents."
Plug does admit, however, that the first 3 gigawatts of this partnership -- the Australian bit -- awaits a final investment decision in the fourth quarter of 2025. And no date has been set for the Uzbekistan side of the partnership. In fact, none of the 5 GW is in operation yet.
Is Plug Power stock a buy?
Meanwhile, Plug Power's growth rate has slowed noticeably. After reporting negative revenue in 2020, the company grew sales to $891 million in 2023, but then tumbled 30% in 2024, to just $629 million.
Sales did revive a bit in Q1 2025, up 12% year over year. Still, Plug's losing more than $2 billion per year, and burning nearly $950 million annually. The company's currently trying to win shareholder approval to let it sell more shares to raise cash, and allow it to avoid a dreaded reverse stock split that could make its stock go splat.
Success here is anything but certain.
