Plug Power Shares Rip After It Announces Multi-Year Supply Agreement With Industrial Gas Company Through 2030

Shares of Plug Power surged 25% during midday trading on Wednesday after the company announced a new multi-year supply agreement with a leading U.S.-based industrial gas company and its longtime hydrogen partner through 2030.

Plug stock has fallen nearly 15% year-to-date, including Wednesday’s session moves. Retail sentiment around the stock has been ‘neutral,’ compared to ‘bullish’ a week ago, according to Stocktwits data.

As part of the extension, the strategic partner will continue to supply Plug with liquid hydrogen while immediately reducing the cost and collaborating on improved network efficiency, Plug said.

The extension is part of Plug’s strategic objectives to strengthen margins, enhance operational flexibility, and support customer demand across a growing base of over 275 hydrogen-consuming customer sites.

The announcement comes on the heels of newly passed energy and tax legislation aimed at accelerating clean hydrogen development in the U.S., which is expected to fuel near- and mid-term market expansion.

Plug’s expanded partnership reflects how U.S. companies are teaming up to make clean hydrogen a reality. Backed by new energy and tax policies, these collaborations aim to build a more sustainable hydrogen industry, which is starting to gain momentum.

Plug is known for building and delivering hydrogen fuel cell solutions designed to replace conventional batteries in electric vehicles and industrial equipment.

The company is headquartered in New York and operates across North America, Europe, and Asia, offering products like fuel cell engines, electrolyzers, hydrogen storage systems, and refueling infrastructure.

Plug’s stock has fallen nearly 32% in the last 12 months. 

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