Plug Power’s (NASDAQ: PLUG) stock hit a 52-week high of $4.58 per share on Oct. 6, 2025.
At the time, investors were impressed by the hydrogen company’s accelerating sales growth and narrowing losses, and it looked like a bargain relative to its long-term growth potential
But since then, Plug Power’s stock has declined more than 40% amid fears of interest rate hikes, reduced clean energy subsidies, and the sluggish adoption of hydrogen technologies. However, I believe the pullback represents a good buying opportunity for bold investors. Why is Plug Power growing again?
Plug Power sells hydrogen fuel cells, charging systems, electrolyzers, and storage systems. Amazon and Walmart, the company’s two largest customers, both use those fuel cells in their hydrogen-powered forklifts. Plug Power’s number of deployed fuel cell systems rose from approximately 50,000 at the end of 2021 to more than 74,000 at the end of 2025.