Plug Power Inc - Signs Loi With Hy2Gen For 5Mw Electrolyzer

What Happened?

Shares of fuel cell technology Plug Power jumped 7% in the morning session after the company announced it began its first-ever contract with NASA to supply liquid hydrogen. 

The agreement, valued at up to $2.8 million, involved providing up to 480,000 pounds of liquid hydrogen to two of NASA's facilities in Ohio. This deal represented a significant milestone for Plug Power as its first supply award from the U.S. space agency, underscoring the company's ability to meet stringent requirements for mission-critical operations. The news was viewed as a major win, opening up the growing space industry as a new market and acting as a strategic springboard for future opportunities in the sector.

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What Is The Market Telling Us

Plug Power’s shares are extremely volatile and have had 99 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 13 days ago when the stock dropped 14.9% on the news that the company announced a $375 million offering of convertible senior notes. The debt, due in 2033 with a 6.75% interest rate, was offered to qualified institutional buyers. The stock's sharp drop reflected investor concerns about potential shareholder dilution. This risk arises because the notes can be converted into company stock, which would increase the total number of shares and could reduce the value of existing ones. Plug Power intended to use about $243 million of the proceeds to repay the principal and interest on its existing secured debentures.

Plug Power is down 12.2% since the beginning of the year, and at $2.05 per share, it is trading 50.5% below its 52-week high of $4.13 from October 2025. Investors who bought $1,000 worth of Plug Power’s shares 5 years ago would now be looking at an investment worth $84.96.