PLUG Stock Price Breaks $40 For the First Time Since March

Electric Cars

After consolidating around $25 a share since June, Power Plug’s (PLUG) broke out to over $40 this week. And from here, PLUG’s stock price could soon test $50.

This is all thanks to a red-hot hydrogen trend that shows no signs of cooling off any time soon. Analysts at Goldman Sachs and Bank of America believe the hydrogen market could be worth more than $12 trillion by 2050. In fact, as noted by Barron’s, Goldman Sachs says the market is a “once-in-a-lifetime opportunity.”

Electric vehicle charging

Federal Spending Bill Helping to Fuel Excitement in Hydrogen

Also contributing to this newfound excitement in hydrogen is President Biden’s proposed $550 billion climate spending bill. If approved, the bill, which could include tax credits for hydrogen, would kick-start one of the U.S.’s biggest investments in clean energy. “It could help accelerate the time frame in which we could begin incorporating hydrogen into power generation and into our natural gas distribution operations at a cost that’s more economic for our customers,” said Robert Frenzel, Xcel Energy president and CEO, as quoted by

Not only that, but major automakers like Toyota (TM) are testing hydrogen combustion engines in race cars; Toyota is also moving toward using the technology in commercial products.

Even airline companies like Airbus want to use hydrogen to power airplanes. According to Bloomberg: “Airbus will study how to bring so-called green hydrogen to air travel. The world’s largest plane maker will provide insight on hydrogen aircraft and PLUG will design non-polluting hydrogen infrastructure at airports. Airbus has a goal of bringing zero-emission aircraft to market by 2035.”

Better, PLUG earnings have been impressive. In its most recent quarter, the company reported net revenue of $124.6 million, as compared to $68 million year over year. Gross billings were $126.3 million, as compared to $72.4 million year over year.

With a good deal of momentum, and big things ahead for hydrogen, it comes as no surprise that PLUG is breaking out.

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