Plug Power Stock Jumps Sharply Friday After Debt Fix, NASA Hydrogen Deal

Plug Power Inc (NASDAQ:PLUG) shares are trading sharply higher Friday afternoon, with the stock up about 13% to roughly $2.24, extending a week-long rebound.

Here’s what investors need to know.

• Plug Power stock is showing exceptional strength. What’s driving PLUG stock higher?

Debt Repair, Deals and Green Hydrogen Momentum

Sentiment toward Plug has improved since December, when the company refinanced expensive 15% debt with a $431.25 million convertible note offering and guided for positive EBITDA by late 2026.

It paired that balance-sheet move with commercial wins, including a 5-megawatt PEM electrolyzer sale to Hy2gen's Sunrhyse project in France and a first liquid-hydrogen supply contract with NASA's Glenn Research Center.

Plug also recently installed a 5-MW GenEco electrolyzer for Cleanergy Solutions Namibia at Walvis Bay, Africa's first fully integrated commercial green-hydrogen facility, which will fuel trucks, port equipment and small vessels using locally produced hydrogen.

The move adds to a roughly 60% gain over the past six months, though the hydrogen specialist remains well below its 52-week high of $4.58 and has traded as low as 69 cents over that span.

The latest rally values the Latham, New York–based company at about $3.1 billion, with the stock moving from an opening print near $2 to an intraday high around $2.27.

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Why Plug Power Is Increasingly Framed As An AI Stock

Investors are also leaning into Plug as an AI infrastructure play. The company designs and manufactures PEM electrolyzers, liquid-hydrogen plants, high-capacity storage tanks and fuel-cell systems as part of a vertically integrated hydrogen ecosystem, supplying logistics fleets and industrial power users with major deployments at Walmart, Amazon, Home Depot, BMW and BP.

Those same fuel-cell systems and on-site hydrogen assets can provide low-carbon backup and balancing power for hyperscale data centers running energy-hungry AI workloads, giving operators an alternative to diesel generators while supporting 24/7 uptime.

Any traction Plug secures in deploying dedicated hydrogen plants and long-duration fuel-cell backup to GPU-dense campuses would directly tie the company's growth to AI data-center build-outs, reinforcing the market's view of PLUG as a leveraged bet on clean power for the AI era.

Benzinga Edge Rankings: Plug Power shows weak short- and medium-term price trends but a positive long-term trend, highlighting a longer-horizon recovery despite near-term volatility.

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