Plug Power Secures NASA Contract and Delays Key Shareholder Vote

Plug Power US72919P2020

This week, Plug Power announced two strategic agreements that expand its business model into new sectors while simultaneously postponing a critical shareholder meeting, a move highlighting the company's ongoing capital requirements.

Financially modest but strategically significant, a new contract with NASA is valued at approximately $2.8 million. Under this agreement, Plug Power will supply up to 218,000 kilograms of liquid hydrogen to two Ohio-based research facilities: the Glenn Research Center in Cleveland and the Neil A. Armstrong Test Facility in Sandusky. Securing NASA as a client serves as a powerful testament to the company's reliability and technical capabilities under demanding conditions, providing a crucial entry point into the aerospace industry.

Concurrently, the hydrogen specialist has signed a letter of intent with Hy2gen. Plug Power is slated to deliver a 5-megawatt PEM electrolyzer for the "Sunrhyse" project in southern France. This deal reinforces the company's European strategy to establish itself as a systems provider for industrial decarbonization efforts on the continent.

Shareholder Meeting Postponed

In a separate corporate development, Plug Power has rescheduled its extraordinary general meeting. Originally set for January, the vote will now take place on January 29, 2026. The record date for voting rights has been established as December 12, 2025. The agenda centers on a proposal to increase the number of authorized common shares, a measure designed to facilitate future capital raising. Management stated the delay affords shareholders additional time to recall loaned shares and prepare for the ballot.

This postponement underscores the firm's continued need for financing. Plug Power reported a net loss of roughly $2.12 billion over the past twelve months. Its aggressive expansion, including the build-out of gigafactories and its hydrogen network, continues to consume substantial resources.

Market Performance and Analyst Outlook

From a technical perspective, Plug Power shares ended the week at €1.89, trading approximately 46% below their 52-week high of €3.51. The current price sits about 25% above the 200-day moving average of €1.51, which some traders interpret as a sign of near-term stabilization. However, the stock's annualized volatility remains elevated above 82%, reflecting persistent market uncertainty regarding its prospects.

Market researchers currently maintain a largely neutral stance on the equity, with an average price target hovering around $2.83. Key factors for the stock's trajectory will be whether technical support near $2.10 holds and the operational execution of the newly announced contracts.

The rescheduled shareholder vote in late January now stands as the next pivotal event. A favorable outcome would pave the way for fresh capital but would also result in further dilution for existing investors. In the interim, the NASA and Hy2gen agreements are likely to be viewed as positive confidence signals—provided the company can translate them into tangible financial progress.