Plug Power Inc (NASDAQ:PLUG) shares are higher Wednesday afternoon as the company makes progress on key projects supporting Europe’s energy transition. Here’s what investors need to know.
Can This Project Revolutionize Emission Standards?
Plug Power recently announced the completion of 100 MW of PEM GenEco electrolyzer installations at Galp’s Sines Refinery, marking a key milestone in one of Europe’s largest renewable hydrogen projects.
The system is expected to generate up to 15,000 tons of renewable hydrogen annually, significantly reducing greenhouse gas emissions by 110,000 tons CO₂e per year.
The project, which began in October 2025, has successfully delivered all ten arrays totaling 100 MW. This initiative 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.
Can This Mixed Momentum Signal Future Gains?
Plug Power is currently trading 10.9% above its 20-day simple moving average (SMA) and 3.7% above its 100-day SMA, indicating short-term strength. Over the past 12 months, shares have increased by 29.04% and are positioned closer to their 52-week highs than lows.
The RSI is at 53.76, suggesting neutral momentum, while the MACD is above its signal line, indicating bullish conditions. The combination of neutral RSI and bullish MACD suggests mixed momentum.
- Key Resistance: $2.50
- Key Support: $2.00
PLUG Business Model
Plug Power is building an end-to-end green hydrogen ecosystem—from production, storage and delivery to energy generation. The company plans to build and operate green hydrogen highways across North America and Europe.
Plug will deliver its green hydrogen solutions directly to its customers and through joint venture partners into multiple end markets, including material handling, e-mobility, power generation and industrial applications.
Top ETF Exposure
Significance: Because PLUG carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
PLUG Shares Gain Wednesday
PLUG Price Action: Plug Power shares were up 4.98% at $2.53 at the time of publication on Wednesday, according to Benzinga Pro data.
Image: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Market News and Data brought to you by Benzinga APIs
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
