What's Going On With Plug Power Stock On Thursday?

Plug Power, Inc. PLUG shares are trading lower on Thursday. The company’s joint venture with Olin Corporation OLN, named Hidrogenii, officially launched operations at its new hydrogen liquefaction facility in St. Gabriel, Louisiana—one of the largest of its kind in North America.

The plant, capable of liquefying up to 15 metric tons of hydrogen per day, will serve Plug’s material handling customers nationwide.

The move marks a significant step toward building a robust U.S.-based hydrogen supply chain and underscores Plug’s ongoing effort to scale its green energy production network, the company said in a press release.

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Hydrogen for the St. Gabriel plant will be produced by Olin and distributed via trailers under Plug’s spot pricing model.

With this addition, Plug’s total hydrogen production capacity now reaches 40 metric tons per day, including output from its existing Georgia and Tennessee facilities.

The company emphasized the cost and reliability benefits of sourcing domestically produced hydrogen, which reduces its reliance on external suppliers.

“This Louisiana plant, a milestone in expanding our U.S. hydrogen network, bolsters our financial position by leveraging a dependable, cost-effective hydrogen source,” said Andy Marsh, CEO of Plug Power.

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He noted that this development helps strengthen the company’s operational foundation while supporting growth.

Ken Lane, President and CEO of Olin, described the joint venture as aligned with Olin’s strategic priorities. Lane called it “a value-first approach” that builds on core competencies through adjacent, capital-efficient projects.

Formed in 2022, Hidrogenii was created to develop and operate hydrogen infrastructure.

According to Benzinga Pro, PLUG stock has lost over 66% in the past year. Investors can gain exposure to the stock via Global X Hydrogen ETF HYDR.

Price Action: PLUG shares are trading lower by 1.79% to $0.90 at last check on Thursday.

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