PLUG Stock Drops 3% Premarket After Plan To Supply Hydrogen Power In Potential Trump-Backed Auction
Synopsis
Plug Power has been working to broaden the range of applications for its hydrogen-powered energy solutions.
- Plug Power shares are heading for a close in the red for a third straight day.
- Bloomberg reported over the weekend that Plug Power is planning to offer hydrogen electricity in a potential special auction by the biggest U.S. power grid.
- Although Stocktwits sentiment for PLUG was ‘extremely bullish,’ some retail investors were confused over the muted stock move.
Plug Power, Inc. shares declined nearly 3% in early premarket trading on Monday, after closing in the red in the last two sessions.
Over the weekend, Bloomberg reported that Plug Power is planning to offer hydrogen electricity in a potential special auction by the biggest U.S. power grid.
The company, known for its hydrogen fuel cell systems and green hydrogen used to power forklifts, vehicles and industrial equipment, plans to offer as much as 250 megawatts in an auction President Donald Trump is eager to make happen later this year, Plug Power Chairman Andy Marsh told Bloomberg.
Grid operator PJM Interconnection has been facing looming power shortages as AI-driven data center demand surges, prompting the Trump administration to urge an emergency power auction two months ago.
The move would mark a strategic shift for the company: Plug’s main business is hydrogen-powered forklifts, but it has been shifting focus to also supply both the gas and the systems used to produce it.
Plug Power has been in the news lately after reporting improved results and outlining a turnaround plan under a new CEO, Jose Luis Crespo, even as investors watch its push toward profitability and the expansion of hydrogen applications.
On Stocktwits, the retail sentiment for PLUG climbed higher in the ‘extremely bullish’ zone, which it entered last Wednesday, although some traders questioned the muted stock move.
“$PLUG hopefully next week, more substantial stuff happens. the way this stock is flat is unbelievable,” said a user.
Despite the recent drop, PLUG shares are up 8% year to date.
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