Plug Power (PLUG) Drops on Lack of Leads

We recently published 10 Stocks Struggling to Shine Ahead of Christmas. Plug Power Inc. (NASDAQ:PLUG) is one of the worst performers on Monday.

Plug Power dropped its share prices by 4.09 percent on Monday to close at $2.11 apiece as investors unloaded portfolios following the lack of fresh developments to bolster buying appetite.

In recent developments, Plug Power Inc. (NASDAQ:PLUG) announced last week that it successfully installed a 5MW GenEco electrolyzer system for Cleanergy Solutions Namibia’s green hydrogen project, Walvis Bay.

The plant, which officially opened in September, represents Africa’s first fully integrated commercial green hydrogen facility and will serve as the foundation for expanding hydrogen mobility across Namibia and neighboring markets.

According to Plug Power Inc. (NASDAQ:PLUG), its PEM GenEco electrolyzer is integrated directly at Cleanergy Solutions Namibia’s Hydrogen Dune site, which includes a 5MW solar park spanning more than 6.5 hectares and a 5.9 MWh battery energy storage system to produce renewable hydrogen off-grid.

The locally generated hydrogen will support hydrogen-powered trucks, port and rail equipment, and small ships operating through the Port of Walvis Bay, while also supplying vehicles converted on site for dual-fuel operation using hydrogen and conventional fuels.

Also this month, Plug Power Inc. (NASDAQ:PLUG) clinched a million-dollar deal with the National Aeronautics and Space Administration (NASA) to supply the latter with approximately 480,000 pounds of the commodity to NASA’s Glenn Research Center in Cleveland, Ohio, and at the Neil A. Armstrong Test Facility in Sandusky, Ohio, for a maximum contract value of about $2.8 million.

While we acknowledge the risk and potential of PLUG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PLUG and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.