Headquartered in Latham, New York, Plug Power (NASDAQ:PLUG) is among the world’s best-known hydrogen fuel cell manufacturers. PLUG stock won’t likely stay at its current price much longer, and even has the potential to double or more.
As Russia’s invasion of Ukraine drags on, nations are increasingly prioritizing energy security and independence. At the same time, consumers have had enough of high oil and gas prices, and are ready for cheaper alternatives.
If any company is ready and willing to provide cleaner fuel solutions, it’s Plug Power. Folks on Wall Street might not fully appreciate Plug Power’s progress in the U.S. and abroad, but that’s fine as it presents a chance to invest at a great price.
| Ticker | Company | Current Price |
| PLUG | Plug Power Inc. | $16.81 |
What’s Happening with PLUG Stock?
Not long ago, InvestorPlace contributor Tezcan Gecgil cited PLUG stock as one of five hydrogen stocks to buy before they go higher. Does Plug Power deserve to be on the list? Lately, investors don’t seem to think so. Shockingly, the share price has fallen from its 52-week high of $46.50 to less than $20.
Hopefully, traders will come to their senses and push the stock back up to the $40s again. There hasn’t been any terrible company-specific news lately. Perhaps investors are jittery about so-called growth stocks, so they sold off their Plug Power shares.
Yet, the multinational transition to clean energy sources isn’t slowing down. Plus, Plug Power is among the most ambitious hydrogen businesses. As Gecgil pointed out, Plug Power is collaborating with Olin (NYSE:OLN) to “produce and market green hydrogen to support growing fuel cell demand in the global hydrogen economy.”
Major Production in the Works
Gecgil also cited Plug Power’s first-quarter 2022 financial results, which were impressive. The company roughly doubled its revenue, from $72 million in the year-earlier quarter to $140.8 million in Q1 2022. On top of that, Plug Power reported “meaningful improvement in service margins on fuel cell systems and related infrastructure with a positive 30% [sequential] increase.”
Furthermore, Plug Power has made inroads into the green hydrogen market, both in the U.S. and the E.U. With Olin, Plug Power hopes to provide green hydrogen throughout North America. The first production plant will be located in Louisiana, and is expected to produce 15 tons of green hydrogen per day.
Meanwhile, Plug Power has also signed a 30-year agreement to build a 100-megawatt green hydrogen plant at the Belgian Port of Antwerp-Bruges. Amazingly, Plug Power expects to produce “up to 12,500 tons per year of liquid and gaseous green hydrogen for the European market” from this plant.
What You Can Do Now
It’s baffling, and maybe a bit frustrating, that PLUG stock is trading at such a steep discount now. After all, Plug Power is a powerful revenue generator. The company is also an aggressive clean hydrogen producer in multiple geographies.
However, you don’t have to be frustrated because Plug Power shares are cheap. If anything, this should be viewed as an opportunity to take a position, or add to an existing one. Soon, the stock price could reach back into the $40s, and then just keep on going.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.