Plug Power Stock Price, News & Analysis

Plug Power (NASDAQ: PLUG) closed an offering of convertible notes, issuing $431.25 million aggregate principal (including full exercise of the option) and receiving approximately $399.4 million in net proceeds after fees. The proceeds will retire remaining high‑cost 15% debt, refinance its 2026 convertible notes, and eliminate a prior first lien, which the company says reduces interest expense and simplifies its capital structure.

The new notes carry a 6.75% coupon and an eight‑year tenor with no required amortization, extending lower‑cost capital, preserving liquidity, and, together with a recent data center infrastructure agreement, fully funding Plug’s current business plan.

Plug Power (NASDAQ: PLUG) priced $375.0 million aggregate principal amount of 6.75% convertible senior notes due 2033 in a Rule 144A private offering, with a 13-day option for an additional $56.25 million. The offering price is 95% and expected net proceeds are approximately $347.2 million (or ≈$399.4 million if option is exercised). Plug Power expects to use ≈$245.6 million to repay 15.00% secured debentures and ≈$101.6 million plus ≈$52.4 million cash to repurchase ≈$138.0 million principal of 7.00% notes due 2026 for ≈$154.0 million.

The notes bear interest semi-annually at 6.75%, mature December 1, 2033, are initially convertible at 333.3333 shares per $1,000 (≈$3.00 per share, ~40% premium to $2.14 last sale on Nov 18, 2025), and include repurchase and redemption features (holder repurchase on Dec 6, 2029; redemptions permitted after Dec 6, 2028 under conditions).

Plug Power (NASDAQ: PLUG) announced on November 18, 2025 its intent to privately offer $375 million aggregate principal amount of convertible senior notes due 2033, with an initial purchaser option for an additional $56.25 million. Plug Power expects to use approximately $243 million of net proceeds to fully repay its 15.00% secured debentures and related termination fee and to use remaining proceeds to repurchase some of its 7.00% convertible senior notes due 2026 and for working capital. The notes will be unsecured, convertible into cash, shares, or a combination at the company's election, interest payable semi-annually, and offered only to qualified institutional buyers under Rule 144A. The offering and repurchases are subject to market conditions and may affect Plug Power's common stock price.

Plug Power (NASDAQ: PLUG) is hosting its seventh annual Plug Power Symposium on November 18, 2025, at its Slingerlands, N.Y. headquarters and manufacturing facility under the theme “Strengthening Energy Independence.”

Executives including CEO Andy Marsh and President & Chief Revenue Officer Jose Luis Crespo will discuss Project Quantum Leap priorities: streamlining operations, improving cash efficiency, and focusing on material handling, electrolyzers, and hydrogen plants. The program features panels, customer testimonials, and partner sessions with participants such as Amazon, Floor & Decor, Uline, FreezPak, Hy2Gen, Hy24, GALP, Arcadia, and Allied Green.

Virtual registration and a post-event playback are available at the company’s event page.

Plug Power (NASDAQ: PLUG) was selected to supply and service 55 MW of GenEco PEM electrolyzers across three UK green hydrogen projects developed by Carlton Power: 30 MW at Barrow-in-Furness, 15 MW at Trafford, and 10 MW at Langage.

All projects are backed by the UK government Hydrogen Business Model (HAR1). FID timing: Barrow and Trafford expected before end-2025; Langage expected Q1 2026. Barrow will include a secured offtake with Kimberly-Clark. Projects aim to begin operations in 2027 and support industrial decarbonization and regional hydrogen infrastructure.

Plug Power (NASDAQ: PLUG) will stream the 2025 Plug Symposium on November 18, 2025, a public digital event focused on “Strengthening Energy Independence.”

The program runs 9:00 am – 4:00 pm ET and features company leaders, customers, and industry experts discussing hydrogen for grid resiliency, new markets, and the energy transition. Live registration is open and a limited-time replay will be available after the event.

Register to stream: https://event.on24.com/wcc/r/5070165/A1DAC0191D73E6E705452AA4D133B5D8 or via www.plugpower.com.

Plug Power (NASDAQ: PLUG) reported $177 million revenue for Q3 2025 driven by electrolyzers, hydrogen fuel sales, volume growth, and pricing gains. GenEco electrolyzer revenue was ~$65 million, up 46% sequential and 13% year-over-year. Net cash used in operations improved to ~$90 million, and unrestricted cash totaled ~$166 million. The company completed a post-quarter capital raise with gross proceeds of ~$370 million. Plug recorded ~$226 million of charges tied to Project Quantum Leap; GAAP gross loss was ~($120 million) and adjusted gross loss was ~($37 million). Adjusted EPS was ~($0.12). Plug expects >$275 million liquidity improvement from asset monetization initiatives.

Plug Power (NASDAQ: PLUG) said it expects to generate more than $275 million in liquidity improvement via asset monetization, release of restricted cash, and reduced maintenance expenses.

The company signed a non-binding LOI to monetize electricity rights in New York and one other location and to explore providing auxiliary and backup fuel-cell power with a U.S. data center developer expanding nationwide. Plug will suspend activities related to the Department of Energy loan program and reallocate capital, and cites a recently executed long-term hydrogen supply agreement with a global industrial gas leader that reduces near-term need for self-developed generation.

Plug Power (NASDAQ: PLUG) has begun installation of a 5 MW commercial PEM electrolyzer for the H2 Hollandia project in the Netherlands, with construction started in September and operations scheduled for 2026.

The system is directly tied to a 115-MWp Vloeivelden Hollandia solar park and is designed to convert surplus solar generation into green hydrogen without additional grid load. Once operational, H2 Hollandia is expected to produce roughly 300,000 kilograms of green hydrogen annually for transport and industrial use, marking Plug’s first commercial electrolyzer deployment in the Netherlands and a step from demonstration to full commercial operations in Europe.