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Plug Power, Inc.’s PLUG strong expertise in providing and installing electrolyzers is underlined by its deployment of more than 95 megawatts (MW) of proton exchange membrane (PEM) electrolyzer systems till date. Notably, these electrolyzer systems are in operation or commissioning phase across several sites in the world.

Plug Power’s PEM electrolyzer systems, which range from 1 MW to 40 MW in capacity, have been successfully installed and commissioned across various sites in North America, Europe, Asia and Africa. The company’s electrolyzers utilize PEM stack technology in a modular design, which offers a small footprint with potential for capacity expansion. Collectively, these electrolyzers have generated more than 1,500 metric tons of hydrogen to date.

PLUG’s electrolyzer systems installed at these sites will help in producing hydrogen that will support various initiatives. These include creating a green hydrogen refueling network, energizing green hydrogen charging stations for fleet vehicles and supporting hydrogen fuel cell-powered forklifts and light commercial vehicles.

As noted, Plug Power is on track to deliver and commission 37 additional units, which are likely to expand hydrogen production capacity by 40 metric tons per day in the second half of 2024. The company expects its electrolyzer systems to generate 93 metric tons of hydrogen per day globally as more systems are commissioned and become operational.

Zacks Rank & Price Performance

PLUG, with a $1.9 billion market capitalization, currently carries a Zacks Rank #3 (Hold).

The company’s strong product portfolio along with its efforts to expand and strengthen its global presence through multiple strategic partnerships are expected to drive its performance. However, it has been experiencing high operating costs and expenses over time. The impacts of high labor and raw material costs have been affecting its margin and profitability.

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In the past three months, the PLUG stock has lost 13.2% compared with the industry’s 3.1% decline.

Key Picks

Some better-ranked companies from the same space are discussed below.

Enersys ENS presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

ENS delivered a trailing four-quarter average earnings surprise of 2.7%. In the past 60 days, the Zacks Consensus Estimate for Enersys’ fiscal 2025 (ending March 2025) earnings has increased 3.9%.

A. O. Smith Corporation AOS presently carries a Zacks Rank #2 (Buy). AOS delivered a trailing four-quarter average earnings surprise of 6.7%. In the past 60 days, the consensus estimate for its 2024 earnings has increased by a penny.

ESCO Technologies Inc. ESE carries a Zacks Rank of 2, at present. In the past 60 days, the Zacks Consensus Estimate for ESE’s fiscal 2024 (ending September 2024) earnings has advanced 0.5%.

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