The Plug Power liquid green hydrogen plant in Woodbine, Ga. (Agnes Lopez/Bloomberg)
Plug Power Inc. shares jumped the most in nearly a year after the hydrogen company announced a $525 million secured debt facility, said it doesn’t plan to raise more equity in 2025 and reported preliminary first-quarter results in line with analysts’ estimates.
Plug expects to report revenue of $130 million to $134 million when it releases its full first-quarter results in early May, versus a consensus estimate of $131.6 million. The company also reported completing construction of a hydrogen production plant in Louisiana that will serve customers including Amazon.com Inc. and Walmart Inc.
Amazon.com Inc. ranks No. 1 on the Transport Topics Top 100 list of the largest logistics carriers in North America, No. 12 on the TT100 list of the largest private carriers and No. 1 on the Top 50 global freight list. Walmart ranks No. 1 on the TT100 list of the largest private carriers.
Plug’s shares rose as much as 46% April 28, the most since May 2024, and were trading at $1.12 in late morning.
“We view this announcement as an important step for Plug in regaining investor trust,” Oppenheimer & Co. Inc. analysts wrote in a note April 28.
Plug shares have suffered as hydrogen has struggled to gain traction as a climate-friendly fuel. The company sells logistics equipment such as forklifts that run on hydrogen fuel cells and is building a series of plants to produce hydrogen from water, using renewable power.
