Why Plug Power Stock Popped This Week
Key Points
Plug announced it has begun a contract with NASA.
The company signed a letter of intent with a developer of hydrogen production projects.
Plug's consistent failure to generate a profit suggests that investors should look elsewhere for hydrogen exposure.
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After plunging more than 25% in November, Plug Power (NASDAQ: PLUG) stock is showing some signs of ending 2025 on a positive note. In the first week of December, shares of the fuel cell specialist are rising higher thanks to two catalysts.
According to data provided by S&P Global Market Intelligence, Plug Power stock has increased by 10.9% from the close of last Friday's market session to the end of trading on Thursday.
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Beginning the week with news that's out of this world
On Monday, Plug Power announced that it had begun a contract to supply NASA with up to 218,000 kilograms of liquid hydrogen at the space agency's Glenn Research Center in Cleveland, Ohio, and Neil A. Armstrong Test Facility in Sandusky, Ohio. Valued at up to $2.8 million, the contract represents the first liquid hydrogen supply award that Plug has received from NASA.
Yesterday, Plug announced it had signed a letter of intent (LOI) with Hy2gen, a developer of hydrogen production projects. The collaboration between the two companies will see Plug provide a 5-megawatt PEM electrolyzer that will be installed at Sunrhyse, Hy2gen's hydrogen production project in France.
Despite the positive news, keep Plug stock at arm's length
While both of Plug's announcements this week are encouraging developments for the company, they certainly won't move the needle. Plug consistently reports net losses, and neither the contract with NASA nor the partnership with Hy2gen is likely to have a material impact on Plug's efforts to achieve profitability.
At this point, investors would be better off watching Plug stock from the sidelines. Fortunately for investors seeking hydrogen exposure, there are plenty of other choices to consider.
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Scott Levine has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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