Published on 22.03.2024

Plug Power Stock

View Plug Power's share price below and learn more about this stock.

Plug Power stock price

+/- +/-%









Name Latest price Difference Currency

Plug Power’s IPO

Plug Power's stock (ticker: PLUG) made its debut on October 29, 1999, on Nasdaq at a price of $15. The IPO raised $90 million and valued the company at $633 million. During the internet bubble around the turn of the century, the stock soared as investors saw significant growth potential in fuel cells and hydrogen. On March 10, 2000, Plug Power reached an all-time high closing price of $1,498. After the dot-com bubble burst, Plug Power's stock price also plummeted. Over the years, the company often had to raise capital from the market, leading to a significant dilution of existing shareholders' stakes. Plug Power also has a secondary listing on Tradegate under the symbol PLUN.

Corporate strategy and future

Initially, Plug Power produced fuel cells based on conventional, gas-produced hydrogen. The fuel cell engines now power more than 40,000 forklift trucks and the company has leveraged this success to expand its presence in transport, stationary and portable applications. However, Plug Power has yet to achieve profitability. A shift in strategic focus to green hydrogen as a fuel aims to change this. Green hydrogen is produced using renewable energy and is more cost-effective to make. Especially as gas prices have surged, green hydrogen has become more attractive than ever.

The company expects that green hydrogen can play a significant role in the transition from fossil fuels. Unlike conventional hydrogen production, green hydrogen production does not release CO2. Green hydrogen is thus considered a climate-neutral alternative to fossil fuels, particularly in hard-to-electrify industrial processes. Additionally, in the future, green hydrogen is expected to be an alternative to fossil fuels in road freight, aviation and maritime transportation.

Plug Power has agreements with Amazon, Walmart and Nike to have their forklift trucks run on hydrogen. Additionally, Plug Power is collaborating with Renault to develop hydrogen-based delivery vans. These vans will run on green hydrogen produced in a new factory in the Port of Antwerp. The company is investing around €292 million in the construction of the factory, which will produce roughly 12,500 tons of green hydrogen annually starting from 2025. Plug Power is also building hydrogen production facilities in the US.

History of Plug Power

Plug Power was founded in June 1997 by George C. McNamee as a joint venture between DTE Energy and Mechanical Technology Inc. DTE Energy was a subsidiary of Detroit Edison, the largest electricity company in Michigan. Mechanical Technology was involved in energy services and fuel cells. Plug Power initially began with the production, distribution and sale of forklift trucks, which allowed them to win major customers such as Nike, BMW, Walmart, Home Depot and many others. However, they also simultaneously worked on developing fuel cells for electricity supply in buildings. Soon after, the focus shifted towards hydrogen-powered forklift trucks for use in large distribution and storage spaces.

In 2017, the Gen-series was developed, equipping the offered forklift trucks with fuel cells to enable them to run on hydrogen. Hydrogen-powered forklifts offer significant advantages. They can operate for longer durations and refuel faster than traditional battery-operated forklifts. Hydrogen forklifts provide a consistent level of power and are not affected by decreasing power output, unlike traditional forklifts that suffer from depleted batteries or nearing the end of their life cycle. Additionally, temperature fluctuations in environments such as cold storage facilities do not impact the performance of hydrogen forklifts. Hydrogen forklifts are also more environmentally friendly.

A major player quick to recognise these benefits was Amazon. In 2017, Plug Power partnered with the e-commerce giant. That year, Amazon ordered $70 million worth of hydrogen fuel cell forklifts and committed to purchasing an additional $600 million worth of products and services. In return, Amazon received warrants, allowing them to acquire up to 23% of Plug Power's shares. This technological partnership gave Amazon an edge over supermarket chain Walmart, which had been a Plug Power partner since 2012. The supermarket chain already utilises thousands of Plug Power's hydrogen fuel cell forklifts in its warehouses and storage facilities. Other Plug Power partners include Canada's Ballard Power Technologies, which provides fuel cell stacks and Air Liquide.

Plug Power dividends

Since its inception, Plug Power has never reported profits and therefore does not pay dividends.

The information in this article is not written for advisory purposes, nor does it intend to recommend any investments. Please be aware that facts may have changed since the article was originally written. Investing involves risks (e.g., price volatility, currency or liquidity risk). You can lose your invested funds. Consider your knowledge and experience when making investment decisions. Past performance is not a reliable indicator of future results. Markets are volatile and can fluctuate significantly due to economic, political, regulatory, or other developments.

Sources: Plug Power,, Bloomberg, Reuters.



Period +/- +/-%
1 Week
1 Month
6 Months
1 Year
5 Year

Sector related stocks

Name Latest price Currency Difference

Your investment journey starts here

Open an account for free and join over 2.5 million investors on our user-friendly platform.

Investing involves risks. You can lose (a part of) your invested funds. We advise you to only invest in financial products which match your knowledge and experience. This is not investment advice.

Investing involves risks.


We want to empower people to become the best investors they can be. By offering a universe of possibilities and choices on our user-friendly platform, we are removing barriers to make investing accessible to everyone: beginners or experts. You get access to a wide variety of products on more than 50 global exchanges to have the freedom to invest the way you like. In our world, you also get great value for money. So, without compromising an inch on the quality, security and range of our investment services, we offer incredibly low fees. Prioritising your needs has helped us become the leading European online broker. Our 2.5+ million clients and 100+ international awards are proof of our success.

flatexDEGIRO Bank Dutch Branch, a foreign branch of flatexDEGIRO Bank AG | Amstelplein 1, 1096HA Amsterdam | phone: +31 20 2613072 | e-mail: | flatexDEGIRO Bank Dutch Branch is registered with the Dutch Chamber of Commerce under number 82510245. | flatexDEGIRO Bank Dutch Branch, trading under the name DEGIRO, is the Dutch branch of flatexDEGIRO Bank AG. flatexDEGIRO Bank AG is primarily supervised by the German financial regulator (BaFin). In the Netherlands, flatexDEGIRO Bank Dutch Branch is registered with DNB and supervised by AFM and DNB. | flatexDEGIRO Bank AG is a licensed German bank supervised by the German financial regulator and registered with the German Chamber of Commerce under number HRB 105687.