PLUG Power Rockets 20% on $5B Uzbekistan Hydrogen Megadeal—Wall Street Pretends It Saw This Coming

Green hydrogen play Plug Power just pulled off a Central Asian coup—landing a deal worth half its market cap in a single stroke. The $5 billion Uzbekistan partnership sent PLUG shares soaring, proving once again that nothing revives a battered alt-energy stock like a headline-friendly capital injection from an emerging market.

Details remain scarce (when aren't they?), but the pact reportedly involves building hydrogen infrastructure across the former Soviet republic. Cue the breathless analyst upgrades and institutional FOMO—never mind that PLUG burned $1.4 billion in cash last year chasing this exact fantasy.

Funny how these moon-shot announcements always drop right before earnings season. Maybe next they'll partner with Wakanda.

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Government Backed

Plug Power said it had sealed a deal for a new 2GW electrolyzer connected to a sustainable fuels project in Uzbekistan.

Plug’s electrolyzer technology will FORM the foundation of the new $5.5 billion green chemical production facility in Uzbekistan that will produce sustainable aviation fuel and green diesel. The project is backed by the Government of Uzbekistan.

The Uzbekistan project builds on Allied Green’s previously announced 3GW electrolyzer commitment for its flagship green ammonia facility in Australia. The project remains on track for a final investment decision in the fourth quarter of 2025.

“This latest expansion with Allied Green demonstrates how Plug is leading the global hydrogen transition with proven electrolyzer technology and execution at industrial scale,” said Andy Marsh, CEO of Plug. “With a 5GW partnership now spanning two continents, this is a defining example of our ability to deliver for customers building the future of energy.”

Hit and Miss

This builds on Plug’s announcement last month that its hydrogen plant in Woodbine, Georgia produced 300 metric tons of liquid hydrogen in April 2025—the facility’s highest monthly output to date and a new benchmark for the U.S. hydrogen industry.

However, analysts have been concerned about the financial outlook of the company, which provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to industries such as material handling, industrial applications, and energy producers.

In its first-quarter results the company reported an earnings per share (EPS) loss of -$0.21, which was worse than a loss of -$0.19 expected by analysts. But revenue in the quarter totaled $133.70 million, which was ahead of the $132 million forecast.

Is PLUG a Good Stock to Buy Now?

On TipRanks, PLUG has a Hold consensus based on 4 Buy, 12 Hold and 4 Sell ratings. Its highest price target is $3.50. PLUG stock’s consensus price target is $1.45 implying a 49.61% upside.

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