Plug Power Inc. (NASDAQ:PLUG) saw its stock rise 4.63% to $2.7099 by midday Tuesday, as the hydrogen fuel cell company reached a significant milestone with the June 30 long-stop date for its Project Gateway sale to Stream Data Centers. The deal, which could generate between $132.5 million and $142 million in gross proceeds, represents a key liquidity event for the company as it works toward its goal of achieving positive EBITDAS by the fourth quarter of 2026.
The Nasdaq Composite index added 1.07% during the same period, while Plug Power's trading volume reached 23.18 million shares, just 31% of its 65-day average. Short interest stood at 339.62 million shares as of June 15, representing 25.5% of the float, which translates to about 4.6 trading days to cover at current average volume.
Russell Index Reshuffle Impacts Plug Power
The stock's upward movement coincided with the FTSE Russell index reconstitution, which took effect after the U.S. market close on June 26 and began trading on June 29. According to S&P Capital IQ data via MarketScreener, Plug Power was added to the Russell 2000 Growth index and removed from the Russell 2000 Value index on June 29. The company also joined the Russell 2500 Growth and Russell Small Cap Comp Growth indexes, while being removed from their value counterparts.
FTSE Russell confirmed that approximately $12.2 trillion is either benchmarked to or invested in Russell U.S. indexes, making the annual reshuffle a significant event for affected stocks. The style reclassification effectively shifts which funds track the stock, even without any change in the company's underlying business fundamentals during that week.
Project Gateway Sale: A Liquidity Boost
The June 30 deadline for the Project Gateway sale to Stream Data Centers is a pivotal moment for Plug Power. The company announced in February that it had agreed to sell its stake in the New York site, expecting gross proceeds of at least $132.5 million and up to $142 million. Based on Plug Power's midday market capitalization of $3.61 billion, the deal could bring in roughly 3.7% to 3.9% of its equity value.
Plug Power CEO Jose Luis Crespo described the transaction as a move to strengthen liquidity and enhance financial flexibility. In the company's first-quarter 2026 earnings report, Plug Power reported total cash of over $802 million at quarter-end, with unrestricted cash of $223 million. The company expects the asset sale to contribute to its broader plan targeting more than $275 million in liquidity gains through asset sales, unlocking restricted cash, and reducing maintenance costs.
Financial Performance and Operational Updates
Plug Power reported first-quarter 2026 revenue of $163.5 million, up 22% year-over-year. The company's GAAP gross margin improved to negative 13% from negative 55% in the prior year period, while adjusted EPS came in at negative 8 cents, better than the negative 17 cents reported a year earlier. Crespo noted that the company beat its internal revenue targets and remains on track to achieve positive EBITDAS in the fourth quarter of 2026.
In a separate operational development, Plug Power announced on June 24 that it had completed work on a 5 MW GenEco PEM electrolyzer at European Energy's Måde Power-to-X site in Denmark. The facility is expected to produce approximately 550 metric tons of green hydrogen annually at full capacity. Crespo said the company is now transitioning from one-off deployments to repeatable execution. Rene Alcaraz Frederiksen, head of Power-to-X at European Energy, confirmed that the project has begun producing certified renewable hydrogen.
Analyst sentiment remains cautious, with Wells Fargo maintaining a Hold rating and a $2.50 price target as of June 29. Plug Power's midday price of $2.7099 has already cleared that target, suggesting potential for further upside if the company continues to execute on its strategic initiatives.
