Plug Power (PLUG) Signs LOI with Hy2gen for 5MW Electrolyzer in France

Plug Power Inc. (NASDAQ:PLUG) is one of the best hydrogen stocks to buy right now. On December 4, Plug Power signed a letter of intent (LOI) with Hy2gen to supply a 5MW proton exchange membrane (PEM) electrolyzer. This will be installed at the Sunrhyse green hydrogen production project in Signes, France. Sunrhyse is Hy2gen’s flagship initiative focused on producing renewable, Renewable Fuels of Non-Biological Origin (RFNBO)-certified hydrogen.

Plug Power (PLUG) Signs LOI with Hy2gen for 5MW Electrolyzer in France

The agreement establishes a basis for Plug Power to handle hydrogen transport, distribution, and provide turnkey hydrogen forklift solutions from the Sunrhyse facility. Also, the LOI extends ongoing cooperation between Plug Power and Hy2gen in Europe and North America. This includes Hy2gen’s Project Courant in Québec, Canada, which features a large-scale electrolyzer and targets final investment decision before 2027.

Separately, on November 24, H.C. Wainwright reaffirmed a Buy rating on Plug Power stock and maintained a price target of $7. The action came after Plug Power’s seventh symposium on November 18, 2025. During the event, senior management gave presentations, and incoming CEO Jose Luis Crespo hosted panels focused on the company’s customer-centered approach. The panels allowed customers to share positive views on customized solutions the company provides.

Plug Power Inc. (NASDAQ:PLUG) is an American company focused on building and operating green hydrogen production and distribution facilities. The company manufactures and deploys electrolyzers and fuel cells to produce green hydrogen.

While we acknowledge the potential of Plug Power Inc. (NASDAQ:PLUG) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than PLUG and that has 100x upside potential, check out our report about the cheapest AI stock.

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