Shares of Plug Power (PLUG 0.45%) sizzled on Thursday, soaring 15% at its highest point in trading through 1:30 p.m. ET. Three big catalysts propelled the hydrogen stock higher.
High hopes from Plug Power
Plug Power announced that it has successfully installed a 5 megawatt GenEco electrolyzer at Africa's first fully integrated commercial green hydrogen plant in Namibia. The project serves as a testament to the potential for green hydrogen to serve the needs of nations as they decarbonize.
Rival FuelCell Energy's (FCEL 1.48%) Thursday results validate fuel-cell potential, and that brings us to the second catalyst that drove Plug Power shares higher. FuelCell Energy delivered a strong set of numbers for its fourth quarter and full year, ending fiscal 2025 with a 41% rise in revenue and a backlog of $1.2 billion.
NASDAQ: PLUG
Key Data Points
Notably, FuelCell Energy sees significant growth opportunities in data centers as they require massive amounts of power to keep their servers and cooling systems running continuously. Since Plug Power also operates in the same core business of hydrogen fuel cells to generate clean energy, the emerging growth catalysts for FuelCell Energy should also be applicable to Plug Power.
Meanwhile, the Trump Media & Technology Group's blockbuster merger with nuclear fusion company, TAE Technologies, announced on Dec. 18, sent shares of alternative energy stocks soaring. If the Trump administration is pushing for energy technologies like fusion so aggressively, investors expect that hydrogen infrastructure should also receive greater attention and support from the government going forward.
Is Plug Power stock a buy before 2026?
Plug Power was among the first companies to bring green hydrogen technology to the market, but profitability has remained elusive for the company. To make matters worse, Plug Power also recently suspended its ambitious plans to expand green hydrogen production after Trump paused a $1.66 billion loan guarantee given by the previous government. These are just a few of the factors to consider before you are lured into buying Plug Power stock.
