Plug Power Announces Final Investment Decision for Barrow Green Hydrogen Project
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 20 2026
0mins
Plug Power announced that the 30-megawatt Barrow Green Hydrogen project in Barrow-in-Furness, Cumbria, where Plug is supplying electrolyzers, has reached final investment decision. The Barrow Green Hydrogen project is being delivered by Green Hydrogen Energy Company, the joint venture established in 2023 by Schroders Greencoat, the specialist renewables and energy transition infrastructure manager, and Carlton Power, the British independent energy infrastructure company. The Barrow project will supply c100GWh of green hydrogen per annum to Kimberly-Clark's manufacturing plant in the town, where the company manufactures consumer products including Andrex and Kleenex. The Kimberly-Clark Barrow site will reduce its consumption of natural gas by up to 50% with a reduction of 18,300 tons of CO2 emissions. Meanwhile, a long-term power purchase agreement with SEFE, an international energy company and the former Gazprom Germania, which was nationalized in 2022, has been agreed on for the supply of renewable electricity. Under the finalized agreement, Plug will supply 30 MW of its GenEco Proton Exchange Membrane electrolyzers.
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Analyst Views on PLUG
Wall Street analysts forecast PLUG stock price to fall
15 Analyst Rating
4 Buy
8 Hold
3 Sell
Hold
Current: 4.120
Low
0.75
Averages
2.46
High
7.00
Current: 4.120
Low
0.75
Averages
2.46
High
7.00
About PLUG
Plug Power Inc. is engaged in providing an end-to-end hydrogen ecosystem, from production, storage, and delivery to energy generation. The Company is focused on delivering hydrogen solutions. Its vertically integrated, end-to-end hydrogen solutions are designed to fit customer needs, including hydrogen production equipment and the delivery of hydrogen fuel, including fuel cells, proton exchange membrane (PEM) electrolyzers, hydrogen liquefiers, liquid hydrogen cryogenic solutions, and hydrogen production. Its product and service portfolio includes GenDrive, GenFuel, GenCare, GenKey, GenEco Electrolyzers, Liquefaction Systems, Cryogenic Equipment, GenSure, and Liquid Hydrogen. GenDrive is a hydrogen fueled PEM fuel cell system, providing power to material handling electric vehicles (EVs), including Class 1, 2, 3 and 6 electric forklifts, automated guided vehicles, and ground support equipment. GenFuel is a liquid hydrogen fueling, delivery, generation, storage, and dispensing system.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Strong Profitability: Bloom Energy boasts a return on equity (ROE) of 43.41%, well above the industry average of 6.92%, demonstrating its effectiveness in utilizing shareholder funds to generate profits, which bolsters investor confidence.
- Optimistic Future Outlook: The earnings per share estimates for 2026 and 2027 have been raised by 50.39% and 38.19%, respectively, reflecting market optimism about the company's growth prospects and its ongoing investments in clean energy and R&D capabilities.
See More
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- CleanSpark Development: CleanSpark has successfully integrated renewable energy microgrids into Bitcoin mining by acquiring ATL Data Centers and upgrading its miners, with a projected 16% revenue decline in 2026, but a potential 17% recovery in 2027, indicating its growth potential in the AI infrastructure market.
- Plug Power Market Performance: Plug Power's fuel cell systems increased from 50,000 at the end of 2021 to 74,000 by the end of 2025; despite a growth stall in 2024, it is expected to resume growth at an 18% CAGR post-2025, reflecting strong demand in the green hydrogen market.
- Market Outlook Analysis: Analysts predict Plug Power's adjusted EBITDA will turn positive by 2028, highlighting its ongoing investments and market expansion potential in the green hydrogen sector, particularly in industrial and transportation applications.
- Investment Risks and Opportunities: While CleanSpark and Plug Power stocks are currently volatile, the rising demand for renewable energy and increasing focus on green technologies suggest that holding these stocks long-term could yield significant returns.
See More
CleanSpark and Plug Power's Green Energy Prospects
- CleanSpark's Transformation: CleanSpark has successfully integrated its microgrid technology into Bitcoin mining by acquiring ATL Data Centers and upgrading its miners, with analysts projecting a 17% revenue increase in 2027, reflecting the growth potential of its AI infrastructure business.
- Plug Power's Market Position: Plug Power leads the hydrogen fuel cell market, with the number of deployed fuel cell systems rising from 50,000 at the end of 2021 to 74,000 by the end of 2025, indicating strong growth in the green hydrogen sector.
- Future Growth Expectations: Analysts expect Plug Power's revenue to grow at an 18% CAGR from 2025 to 2028, despite a growth stall in 2024, as government clients restart their hydrogen projects, driving future recovery.
- Market Competition and Risks: While CleanSpark and Plug Power show potential in their respective fields, CleanSpark's absence from The Motley Fool's list of top stocks indicates market caution regarding its long-term performance.
See More
Plug Power Faces Wall Street's Pessimistic Outlook
- Wall Street's Conservative Ratings: Plug Power currently holds an average rating of 'hold' with a price target of $3.58, indicating a slight decline over the next 12 months, reflecting analysts' cautious outlook on its future performance.
- Strong Stock Performance: Despite widespread bearish sentiment, Plug Power's stock has surged over 350% in the past year, demonstrating market recognition of the potential demand for hydrogen and the company's technology, although it faces challenges related to high costs and economic viability.
- Surge in Data Center Demand: With an estimated $7 trillion to be invested globally in data center infrastructure over the next few years, Plug Power aims to position its hydrogen fuel systems as a reliable backup solution for data centers, although interest in this solution remains uncertain.
- Increased Competitive Pressure: While Plug Power has potential in the hydrogen sector, its technology appears less competitive compared to rivals like Bloom Energy, leading analysts to remain skeptical about its long-term investment value, particularly in light of share dilution and ongoing business challenges.
See More
Plug Power Faces Cautious Wall Street Ratings
- Wall Street Ratings Analysis: Plug Power's average rating stands at 'hold' with a price target of $3.58, indicating a slight decline over the next 12 months, while some analysts rate it as 'sell' with targets suggesting a drop of 25% to 65%, reflecting concerns about its future performance.
- Stock Performance Review: Despite the bearish outlook from analysts, Plug Power's stock has surged over 350% in the past year, indicating some market recognition of its potential, yet questions remain about the sustainability of this increase.
- Hydrogen Market Challenges: The high costs of hydrogen fuel systems hinder their economic competitiveness against traditional fossil fuels and renewable energy, and while they hold potential in hard-to-decarbonize sectors like aviation and steel, reliance on government subsidies and pilot programs limits widespread adoption.
- Data Center Opportunity: With up to $7 trillion expected to be invested globally in data center infrastructure over the next few years, Plug Power aims to position its hydrogen fuel systems as a reliable backup for data center operations, although it remains uncertain how receptive the industry will be to such solutions.
See More
Wall Street Bearish on Plug Power Stock Amid Growth Potential
- Wall Street Ratings: Plug Power's average rating stands at 'hold' with a price target of $3.58, indicating a slight decline over the next 12 months, reflecting a generally bearish sentiment among analysts.
- Stock Performance: Despite the bearish outlook from analysts, Plug Power's stock has surged over 350% in the past year, indicating market recognition of its hydrogen technology potential and investor optimism.
- Market Opportunity: With up to $7 trillion expected to be spent globally on new data center infrastructure in the coming years, Plug Power aims to position its hydrogen fuel systems as a reliable backup for data centers, although interest in this solution remains uncertain.
- Competitive Challenges: While Plug Power has potential in the hydrogen sector, its technology is arguably less competitive compared to other fuel cell companies like Bloom Energy, highlighting uncertainties and challenges in the market.
See More
