12 Small Cap EV Stocks to Buy Now

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6. Plug Power Inc. (NASDAQ:PLUG)

Market Capitalization: $793.27 Million

Number of Hedge Fund Holders: 24

Plug Power Inc. (NASDAQ:PLUG) is a global leader in hydrogen fuel-supply solutions and in hydrogen applications for material handling, power generation, and e-mobility. The company develops hydrogen fuel cell systems that serve as alternatives to traditional batteries in electric-powered vehicles and equipment. Hydrogen fuel cells can enhance runtime and charging efficiency to allow hydrogen-powered engines to increase their range and carry more payload compared to other electric vehicle power solutions. Plug Power Inc. (NASDAQ:PLUG) is one of the best EV stocks to invest in.

On April 28, TD Cowen analyst Jeffrey Osborne maintained a “Buy” rating on Plug Power Inc. (NASDAQ:PLUG) with a $3 price target. This decision came after the company secured a $525 million credit facility with Yorkville Advisors. This new financing arrangement will strengthen Plug Power Inc.’s (NASDAQ:PLUG) capital structure, allowing it to retire $82.5 million of its existing convertible notes. Osborne also pointed out that the company does not plan to raise equity in 2025. The company’s preliminary results for Q1 2025 were reported to have met Wall Street expectations, and Q2 guidance is projected to meet the consensus midpoint. This financial strategy seems to have reassured investors about the company’s stability and growth prospects.

Additionally, the company is taking steps to optimize its operational footprint, resources, and ongoing expenses. Plug Power Inc. (NASDAQ:PLUG) is calling these collective measures Project Quantum Leap. This project aims to reduce annual expenses by $150 million to $200 million. Through these actions, Plug Power Inc. (NASDAQ:PLUG) will further improve margins and cash flows as the company moves toward profitability.

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