Core Insights - Hydrogen investing has transitioned from hype to a focus on real technological differences, with an emphasis on efficiency and economics rather than ambitious production targets [1] - FuelCell Energy (FCEL) is leveraging solid oxide electrolyzer technology to enhance its green hydrogen strategy, prioritizing practical applications [1][7] - The industry is witnessing a shift towards scalable performance and system integration, moving away from mere volume claims [1][3] FuelCell Energy (FCEL) - FCEL's solid oxide electrolyzers operate at high temperatures and utilize steam, which increases efficiency and reduces electricity costs, addressing the primary expense in green hydrogen production [2] - The company collaborates with the U.S. Department of Energy to explore the integration of its electrolyzers with nuclear power, aiming to improve reliability and lower production costs [2] - FCEL's strategy focuses on providing a steady hydrogen supply for hard-to-electrify sectors, emphasizing execution over short-term volume claims [3][7] - FCEL's stock has seen significant growth, more than doubling in value over the past six months, outperforming the industry [6] Industry Developments - Linde plc is establishing itself as a major player in green hydrogen, with a 35 MW PEM electrolyzer project in Niagara Falls to enhance green liquid hydrogen supply [4] - Plug Power is developing a vertically integrated green hydrogen platform, producing liquid green hydrogen at its Woodbine, GA plant, with a capacity of about 15 tons per day [5]

Core Viewpoint - Plug Power (PLUG) stock has underperformed since early October, but there are expectations for a turnaround in 2026 as the company aims to break even on gross margin by mid-next year, potentially attracting institutional investment [1][5]. Group 1: Financial Performance - In the current financial quarter, Plug Power is projected to lose $0.11 per share, which represents a 93% year-over-year improvement, indicating progress towards profitability [5]. - The stock is currently over 50% below its year-to-date high, suggesting it is attractively valued for 2026 [2]. Group 2: Market Strategy - Plug Power's entry into the data center market adds a new growth dimension, as the company begins monetizing electricity rights and aims to be a reliable backup energy provider for this sector [3][4]. - The demand for resilient, low-carbon energy from hyperscale data centers aligns well with Plug Power's technology, enhancing the long-term outlook for PLUG stock [4]. Group 3: Analyst Ratings - Craig-Hallum maintains a 'Buy' rating on PLUG shares, reflecting confidence in the company's future performance [5]. - The consensus rating for PLUG stock is currently "Hold," but the mean target price of approximately $2.98 indicates a potential upside of over 45% [7]. Group 4: Technical Indicators - The short-term relative strength index for Plug Power shares is around 37, suggesting that bearish momentum may be nearing exhaustion as 2026 approaches [6].