Plug Power Completes 100 MW Electrolyzer Installations at Galp Refinery
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2d ago
0mins
Source: Benzinga
- Project Milestone: Plug Power has completed the installation of 100 MW of PEM electrolyzers at Galp's Sines Refinery, marking a significant milestone in one of Europe's largest renewable hydrogen projects, expected to generate 15,000 tons of renewable hydrogen annually, offsetting 20% of grey hydrogen use and reducing greenhouse gas emissions by 110,000 tons CO₂e.
- Market Expansion: This installation is part of Plug Power's broader European expansion strategy, which includes multi-gigawatt deployments across Spain and the U.K., supported by a $2 billion global pipeline, highlighting the company's critical role in the growing global demand for renewable energy solutions.
- Stock Volatility: Despite a 16.92% increase in share price over the past 12 months, Plug Power's stock fell 8.40% on Monday to $2.29, indicating short-term market pressure and positioning closer to its 52-week lows, suggesting medium-term weakness.
- Analyst Ratings: Plug Power carries an average price target of $2.38, with analysts generally holding a cautious stance; TD Cowen downgraded its rating to Hold with a target price lowered to $2.00, reflecting market apprehension regarding its future performance.
Analyst Views on PLUG
Wall Street analysts forecast PLUG stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for PLUG is 2.46 USD with a low forecast of 0.75 USD and a high forecast of 7.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
15 Analyst Rating
4 Buy
8 Hold
3 Sell
Hold
Current: 2.410
Low
0.75
Averages
2.46
High
7.00
Current: 2.410
Low
0.75
Averages
2.46
High
7.00
About PLUG
Plug Power Inc. is engaged in offering end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals. The Company develops commercially viable hydrogen and fuel cell product solutions. It provides electrolyzers that allow customers, such as refineries, producers of chemicals, steel, fertilizer and commercial refueling stations, to generate hydrogen on-site. It focuses on industrial mobility applications, including electric forklifts and electric industrial vehicles, at multi-shift high volume manufacturing and high throughput distribution sites and environmental benefits; stationary power systems that supports critical operations, such as data centers, microgrids and generation facilities, in either a backup power or continuous power role and replace batteries, diesel generators or the grid for telecommunication logistics, transportation, and utility customers; and production of hydrogen.
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.
