Plug Power (PLUG) Stock Rises 7% After Landing Major Electrolyzer Contract – Time to Buy?

TLDR

• Plug Power has been awarded a FEED contract to supply a 275 MW GenEco PEM electrolyzer system for Hy2gen Canada’s “Courant” project in Baie-Comeau, Québec.
• The contract is one of the largest electrolyzer project awards in Plug’s history.
• The Courant project will produce low-carbon ammonium nitrate for Canada’s mining industry using hydroelectric power.
• PLUG stock has risen over 7% on the news, trading at around $2.42 — still down roughly 99% from its reverse split-adjusted IPO price.
• Analysts forecast Plug’s revenue to grow at an 18% CAGR to $1.2 billion by 2028.

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Plug Power (PLUG) landed one of its biggest contract wins to date on Wednesday, April 2, sending the stock up more than 7% on the session.

Plug Power Inc., PLUG

The company was awarded the Front-End Engineering Design (FEED) contract to supply a 275 MW GenEco PEM electrolyzer system for Hy2gen Canada’s “Courant” project, located in Baie-Comeau, Québec.

The Courant project is being developed as one of North America’s largest decarbonized ammonium nitrate facilities. The end product — renewable ammonium nitrate — will supply the explosives needs of Canada’s mining industry.

Plug’s scope on the contract includes engineering and system design activities covering electrolyzer integration, plant configuration, and performance optimization. Power will come from the Hydro-Québec grid, making use of Canada’s hydroelectric resources.

The facility’s location in Baie-Comeau also gives it access to a deep-water port and established industrial infrastructure — useful for a project at this scale.

CEO Jose Luis Crespo said the win “underscores Plug’s ability to support large-scale hydrogen and hydrogen-derived products” and pointed to the company’s gigafactory as a key reason it was chosen for a project of this size.

Hy2gen CEO Cyril Dufau-Sansot said the deal combines Hy2gen’s project development expertise with Plug’s electrolyzer technology to advance a green chemical project for the mining sector.

This isn’t the first time the two companies have worked together. The Courant contract builds on earlier collaborations on renewable hydrogen projects in Europe, as well as ongoing hydrogen supply arrangements between the two firms.

A Stock Still Finding Its Footing

PLUG stock has had a rough run. It’s currently trading around $2.42 — a 99% drop from its reverse split-adjusted IPO price of $150 in 1999. The stock’s 52-week range sits between $0.69 and $4.58.

In 2024, Plug’s revenue fell 29% and its net loss widened. But 2025 brought a turn: revenue rose 13%, and losses narrowed as demand for hydrogen projects picked back up and green hydrogen sales improved.

Plug’s “Project Quantum Leap” cost-cutting initiative has been part of that recovery effort. The company has deployed over 74,000 fuel cell systems across five continents, with top customers including Amazon and Walmart.

What Analysts Are Watching

From 2025 to 2028, analysts expect Plug’s revenue to grow at an 18% compound annual growth rate, reaching $1.2 billion. The company carries an enterprise value of around $3.7 billion, putting it at roughly five times this year’s expected sales.

The Courant FEED contract win comes as Plug continues to ramp green hydrogen production in the U.S. while pursuing large-scale industrial projects globally.

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