Plug Stock Jumps on New Clean Hydrogen Deal—Is Now the Time to Buy PLUG?

PLUG stock surged more than 10 % this week after Plug Power (NASDAQ: PLUG) announced the shipment of its first 10-megawatt GenEco electrolyzer array to Galp’s Sines refinery in Portugal, the opening installment of a planned 100 MW green-hydrogen project that is scheduled to begin producing fuel in 2027. The high-capacity module is Plug’s largest single electrolyzer delivery to date and positions the company to capture a meaningful slice of Europe’s accelerating hydrogen build-out. Investors cheered the milestone: PLUG traded as high as $3.18 on heavy volume Wednesday before paring gains to close near $2.94, still its best weekly performance since July. Trading desks cited a short squeeze—short interest hovers near 25 % of the free float—as a secondary driver of the sharp move. Adding to the bullish tone, H.C. Wainwright doubled its 12-month price target to $7 and reiterated its Buy rating, arguing that the Galp contract validates Plug’s electrolyzer cost road map and could spark additional European orders. The brokerage now values Plug at roughly 4× its projected 2026 electrolyzer revenue, versus 2× for peers. Not everything is rosy. A Nasdaq market-wrap note pointed out that Plug’s cash burn remains elevated, and the company still needs to secure low-cost capital to fund planned hydrogen plants in New York and Texas. Management says it is “actively evaluating” strategic partnerships and Department of Energy loan-program options. Even so, macro tailwinds continue to build. Zacks Investment Research estimates that global electrolyzer demand will compound at more than 40 % annually through 2030, a trend super-charged by the U.S. Inflation Reduction Act’s $3 kg production credit and Europe’s REPowerEU targets. Plug claims an order backlog of 3 GW and believes electrolyzers will surpass material-handling sales as its largest segment by 2027. Key levels to watch: Technicians see near-term resistance at the 50-day moving average around $3.25, with support clustered at the late-September pivot of $2.52. Options markets are pricing in a 20 % move by next month’s earnings call, where investors will look for updated margin guidance and any clarity on project financing. Bottom line: The Galp shipment is a headline win that underscores Plug Power’s first-mover advantage in industrial-scale green hydrogen. If management can pair operational momentum with a credible financing plan, analysts say PLUG stock could finally break its year-long downtrend and reclaim the mid-single-digit territory implied by fresh Wall Street targets.