Plug Power Stock Soars Over 34% on Analyst Upgrade, Europe Milestone
H.C. Wainwright sets Street-high $7 price target as Plug delivers first major electrolyzer for Galp's landmark green hydrogen project.
Shares of Plug Power (PLUG) skyrocketed Tuesday, closing up 34.28% in a dramatic rally driven by a bullish analyst rating and a significant operational achievement in Europe. The surge was accompanied by massive trading volume, reaching ten times the daily average as investors reacted to the positive news.
The rally was ignited after H.C. Wainwright , signaling renewed confidence from Wall Street in the hydrogen fuel-cell maker's growth trajectory. The move pushed the stock to a new 52-week high, marking a potential turning point for the company after a challenging period.
Fueling the investor optimism was a major project milestone. Plug Power announced the to Galp's Sines Refinery in Portugal. This delivery is the first step in developing what is slated to be one of Europe's largest green hydrogen projects, which will ultimately have a 100MW capacity.
The project represents a critical validation of Plug's technology at scale. Once fully operational, the 100MW system is expected to produce up to 15,000 tons of renewable hydrogen annually. This green hydrogen will replace approximately 20% of the grey hydrogen currently consumed by the refinery, cutting its greenhouse gas emissions by an estimated 110,000 tons per year. The successful delivery demonstrates tangible progress in Plug's execution on its project pipeline, a key focus for investors.
"The delivery of this 10MW electrolyzer to Galp is a testament to our team's ability to execute on complex, large-scale projects," said Plug Power CEO Andy Marsh in a recent statement. The development at the Sines Refinery, a project representing a total investment of roughly €250 million, is a cornerstone of the region's decarbonization efforts and a significant revenue-generating project for Plug Power. For investors, Tuesday's dual catalysts of a strong analyst endorsement and a major operational win provided a powerful reason to .