(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.
Plug’s shares rose as much as 46% Monday, the most since May of 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 Monday.
Plug shares have suffered as hydrogen has struggled to gain traction as a climate-friendly fuel. The company sells logistics equipment such as fork lifts that run on hydrogen fuel cells and is building a series of plants to produce hydrogen from water, using renewable power.
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