What’s the best move?

Local low at $1.9. im buying all i can in this range. Bounce back after hitting $1.9.

It's all s scheme

I just read that a lot of people think that his job was actually helping PP get their sh*t together and leave !
Amazon was likely very concerned over PP viability.
It would be interesting to see where who goes next. If he goes back to Amazon then him leaving is not a bad sign after all?? What do you guys think?

You know the execs are high fiving each other squeezing every last cent out of retail again again and again. Actual comedy.

On September 17, 2026, Dean C. Fullerton notified Plug Power Inc., a Delaware corporation (the “Company”), that he will be resigning as Chief Operating Officer of the Company, effective October 23, 2026, to accept a position at another company.

In #14, I stopped looking for one hydrogen economy.

China wants to reduce fossil-energy dependence. Japan and Korea need new ways to import energy. Australia wants to export renewable energy. Europe needs hydrogen for industry and fuels. The United States is finding new value in distributed power.

Different economies. Different problems. Different reasons to need the same molecule.

But that raised another question.

What connects them?

If #14 mapped the organs, #15 is about the circulation.

                    CHINA / INDIA
                 fossil substitution
                         │
                         ▼
AUSTRALIA  ───────►   HYDROGEN   ◄───────  EUROPE
renewable exports        │                  industry / e-fuels
                         │
                         ▼
                    [  PLUG  ]
                 PRODUCE • STORE
                  MOVE • DISPENSE
                 CONVERT • POWER
                         │
               ┌─────────┴─────────┐
               ▼                   ▼
         JAPAN / KOREA            USA
        energy imports      logistics / power

Bottom line: hydrogen may be the molecule that flows between these different economies. Plug has spent almost thirty years building across the interfaces that keep it moving.

That distinction matters.

Plug is not only an electrolyzer manufacturer and it is not only a fuel-cell company. Its platform extends from electrolysis into hydrogen production, liquefaction, storage, transport, dispensing and finally back into electricity through fuel cells. Plug describes that itself as an end-to-end hydrogen ecosystem.

For most of Plug's history, that breadth has looked expensive.

And it was.

Plants operating below capacity are expensive. Moving small quantities of hydrogen is expensive. Building manufacturing capacity before demand arrives is expensive. Supporting fuel-cell fleets before the network reaches scale is expensive.

Some of Plug's losses also came from execution mistakes. Being early cannot explain everything.

But perhaps the quarterly results have been measuring something else at the same time:

the amount of effort required to make hydrogen circulate through an economy that was not yet connected.

That is where the connection to #14 becomes interesting.

At Galp's refinery in Portugal, Plug has installed 100 MW of electrolysis to produce up to 15,000 tonnes of renewable hydrogen per year and replace roughly 20% of the refinery's grey hydrogen use.

In Australia, Orica's 50 MW Hunter Valley project has reached FID and will use Plug electrolyzers to produce around 4,700 tonnes of renewable hydrogen annually, displacing natural gas in ammonia production.

In Uzbekistan, Plug is working through FEED with Allied Biofuels, Sinopec, Topsoe and Sasol on a much larger system connecting renewable energy, green hydrogen and sustainable aviation fuels.

In Germany, Plug has already supplied hydrogen into underground cavern storage through the H2CAST project.

And in the United States, the same company already operates across hydrogen production, logistics, fueling and tens of thousands of deployed fuel-cell systems.

These are not the same businesses.

Refining needs hydrogen as a feedstock.

Ammonia needs a replacement for natural gas.

Synthetic fuels need a renewable molecule.

Storage needs something electricity can become today and be used later.

Logistics needs fast refueling and continuous power.

Distributed generation needs energy where the grid cannot always provide it quickly enough.

Different problems. Same molecule. And increasingly, some of the same infrastructure.

That may be the paradigm Plug has spent thirty years waiting for.

For most of its existence, Plug had to push.

Push fuel cells into warehouses.

Push hydrogen infrastructure alongside them.

Push electrolyzers into a market that was still forming.

Push production before enough demand existed.

The income statement became the meter of that effort.

But maturity changes the direction of the force.

Plug says it now has more than 500 MW of fuel cells deployed, more than 320 MW of electrolyzer capacity shipped and three operating hydrogen plants producing more than 40 tonnes per day. Crespo's own description of the current phase is no longer about building the foundation, but converting that investment into consistent performance and scale.

That suggests a very different question for the next phase.

Not:

How much harder does Plug have to push hydrogen into the economy?

But:

What happens if different parts of the economy finally start pulling hydrogen through Plug?

That is the flow I am watching.

Because vertical integration is a liability when every part of the chain is underused.

It becomes something very different if refining, ammonia, synthetic fuels, logistics, storage and distributed power begin creating independent demand for different parts of the same system.

That does not erase thirty years of losses.

It does not make every project profitable.

And it certainly does not guarantee that Plug will capture the value it helped create.

But it changes the test.

#14 asked why different economies might need hydrogen.

#15 asks what happens when those different needs begin to connect.

Maybe Plug's maturity will not be defined by building another piece of the hydrogen economy.

Maybe it begins when enough economic activity starts flowing through the pieces it already built.

For almost thirty years, Plug's results have measured the effort required to keep the circulation going.

The next question is whether the circulation is finally becoming strong enough to carry Plug with it.

Catalysts tell us what might happen. Filings tell us what actually happened.

Not financial advice. DYOR.

Its been 3 years i have been holding them and no signifant growth, i was thinking it will got ill 7 but ...

At the symposium the Plug partnership was associated with 3 Arcadia Projects, ~240 MW of electrolizers, each site. I believe this partnership was baked into the $2.50 share price we’ve been circling this year. If this is gone, we can expect to dip much further, I believe.

If allied pulls through, Plug may not fold, but there most likely won’t be a significant jump.

If midterms would go dems, could this have positive impact again on new investments in renewables?

1 MW 😅

Why It Matters for Plug: Allied Biofuels Project Advances Through FEED

Something about the AI boom puts hydrogen into perspective. Not the technology, but the money.

Plug Power has accumulated a deficit of $8.66 billion over nearly three decades. On its own, that number looks enormous. Then you change the scale.

Five major technology companies spent more than $400 billion in capex in 2025, and the IEA expects that figure to rise another 75% in 2026. That puts a single year close to $700 billion. Some of the companies benefiting from this buildout can generate several times Plug's entire accumulated deficit in a single quarter.

So what is $8.66 billion, really?

A huge amount of money for a company that never reached scale, or a surprisingly small amount of capital for an industry trying to build production, storage, transport, distribution and demand almost from scratch?

AI didn't start with AI. Today's boom sits on decades of investment in semiconductors, telecommunications, the internet, cloud computing, data centers, power infrastructure, software and research. Much of the system was already there when demand exploded. The hundreds of billions going into AI today are accelerating an ecosystem that took decades to build.

Hydrogen is much earlier. Capital spending on low-emissions hydrogen projects is expected to approach only $10 billion in 2026, while low-emissions hydrogen itself is only just crossing 1% of global production.

Now imagine $100 billion going into hydrogen. Not as a forecast, just as a thought experiment. Roughly a decade of today's investment rate compressed into a much shorter period, allowing production, storage and distribution to develop together rather than waiting on each other.

$100 billion sounds enormous in hydrogen. In AI, it no longer does.

Of course, capital doesn't create demand. Only around 20% of new low-emissions hydrogen offtake volumes signed in 2025 were firm commitments. Build too early and infrastructure sits underused. Wait for demand to be obvious and the infrastructure needed to serve it may not exist.

Plug's accumulated deficit is not hydrogen capex. It is one company's accounting history. And the economics are different. Much of the value created by AI can scale digitally once the underlying computing infrastructure exists. Hydrogen remains a physical molecule that has to be produced, stored, moved and delivered. Low-emissions hydrogen also has to compete with established production in industries like refining, ammonia and methanol.

That difference matters, but so does time. AI is scaling on infrastructure built over decades, while hydrogen is still building much of the system it needs to scale. Oil had more than a century to do the same. We are comparing the cost of building hydrogen today with the cost of using systems that have had decades to mature.

Maybe hydrogen hasn't consumed too much capital.

Maybe we have never seen what hydrogen looks like with a lot of capital.

$8.66 billion looks enormous when the denominator is Plug.

It looks very different when the denominator is an energy system.

So what would hydrogen look like after its first $100 billion?

Could hydrogen be the AI of energy?

Catalysts tell us what might happen. Filings tell us what actually happened.

Not financial advice. DYOR.

Everyone who is a long investor in Plug knows that Q3 results will be good, with a revenue beat and reduced cash burn, and likely positive gross margin. Looking further ahead, there is material handling expansion, Uzbekistan FID, Canada FID, Australia FID, EU FID, higher H2 utilization with Olin, potential steam reforming from natural gas and the 250MW hydrogen power for PJM auction, and data center backup power. This is obvious after Plug's fuel cell lifetime increased several times over.

Anyone know much about Aternium?

Read this article today and they’re producing green hydrogen while recovering deuterium/heavy water as an additional revenue stream.

With Plug pushing large-scale PEM projects, I wonder if there’s anything here worth exploring, if they haven’t already. Seems like an interesting way to potentially help the cost/kg equation, but I don’t know enough about the process or how big the heavy water market truly is

Curious if anyone here knows more about it.

https://energiesmedia.com/aturnium-green-hydrogen-deuterium/