Plug Power announces two hydrogen projects as stock drops 47% from June peak

Plug Power reported the final investment decision for the Hunter Valley Hydrogen Hub in Newcastle, Australia, which includes a 50‑megawatt electrolyser slated to produce about 4,700 tonnes of renewable hydrogen per year. A few days earlier the company delivered a 5‑megawatt PEM electrolyser to the Power‑to‑X plant in Esbjerg, Denmark, with an expected output of roughly 550 tonnes annually.

Despite these milestones, Plug Power’s shares fell 47 percent from their June high, trading around €1.96. Analysts said the market is prioritising the firm’s free‑cash‑flow profile over operational achievements, noting ongoing financing needs and a lack of sustainable cash generation. The average analyst price target remains €3.16, implying potential upside of about 60 percent from current levels.

The divergent reaction highlights a broader sector trend where investors demand concrete cash‑flow results before rewarding technical progress.