Starting from July 10, Plug Power’s shares have consistently closed lower in each trading day until yesterday. However, today there’s a possibility they might break this streak. The reason behind this potential rise is some positive developments in the hydrogen industry emerging from Europe.
As of 12:27 p.m. ET, shares of Plug Power are up 5.6%, retreating from an earlier climb of 9.2%.
Plug bulls see opportunity on the other side of the pond
The European Commission, acting as the administrative body of the European Union (EU), unveiled its proposed budget plan for the years 2028 to 2034. This plan features a significant boost in funding for the Connecting Europe Facility’s energy sector, raising it from the existing 5.84 billion euros to an impressive 29.9 billion euros. In line with fostering sustainable energy infrastructure, the Connecting Europe Facility for energy program acknowledges hydrogen infrastructure as a potential element in enhancing and linking European energy networks. This development and connection of these networks will significantly aid in the transition to cleaner energy sources.
*Plug Power’s influence is expanding across Europe. Recently, they announced the delivery of hydrogen from their Werlte plant in Germany to the H2CAST Etzel project – a significant pilot endeavor focused on large-scale underground hydrogen storage, also situated in Germany.*
In the year 2022, Lhyfe, a prominent hydrogen producer in Europe, made an order for 10 of Plug Power’s 5-megawatt electrolyzer systems. This was the biggest order for an electrolyzer ever made by a French company at that time.
Will the EU’s announcement move the needle for Plug?
Investors frequently show great interest in developments suggesting growth within the hydrogen sector, and they might be anticipating that Plug could profit from the European Commission’s proposed rise in funding. Although this increased budget allocation is encouraging, it doesn’t necessarily mean purchasing Plug stock at this moment is advisable. Instead, potential investors would be wise to wait for Plug Power’s release of their second-quarter 2025 financial reports, as these will provide a more comprehensive understanding of the company’s business situation.
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2025-07-17 23:51