Why Plug Power Popped Today

The stock of Plug Power (NASDAQ: PLUG), maker of hydrogen fuel cells and the hydrogen to fuel them, jumped 5.5% through 12:45 p.m. ET Tuesday after announcing what was -- honestly -- some pretty ho-hum news.

In a press release out this morning, Plug confirmed plans to participate in a pair of imminent investor conferences.

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What's on Plug Power's to-do list?

First, Plug said its president and VP of investor relations would present at today's J.P. Morgan Energy, Power, Renewables & Mining Conference in New York City. One day later, the company will send CEO Andy Marsh across the pond to speak at the Roth 15th Annual London Conference.

Plug provided no further details on the contents of either planned presentation, although an investor might surmise the company will continue to hype its recently announced expanded partnership with Australia's Allied Green Ammonia. The two companies are working to set up a 2-gigawatt (GW) hydrogen fuel electrolyzer plant in Uzbekistan, additional to a separate 3-GW plant they want to build in Australia.

Is Plug Power stock a buy?

Neither of the Allied Green projects are really off the ground just yet. The Australian plant is closest to moving from idea to fact, with a final investment decision expected before the end of this year.

Meanwhile, Plug's still losing more than $2 billion per year, and burning nearly $950 million in cash annually. The company is still seeking shareholder approval of a plan to sell more shares to raise cash, and in May had to take out a new $525 million secured term loan facility to roll over old debt and provide cash needed to build out its existing projects.

Therefore, Plug stock remains speculative, and I cannot recommend buying it.

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Rich Smith 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.