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Plug Power (PLUG) is staging a grand recovery, which has made investors optimistic about its prospects. The stock has been up 101% this year, as top-line expansion and margin recovery have become central to its story. This has been a remarkable turnaround for a company that faces multiple class-action lawsuits over Department of Energy loan funding and major hydrogen facility projects.
After recording solid results in Q1, Plug Power is now focusing on the expansion of its electrolyzer projects. It is launching a 25-megawatt project with Iberdrola and BP in Spain and completing installation work on a 100-megawatt project with Galp in Portugal. However, large electrolyzer projects are expected to be complex endeavors, with the risk of delays in approvals.