10 Best Renewable Energy Penny Stocks to Invest In

6. Plug Power Inc. (NASDAQ:PLUG)

Number of Hedge Fund Holders: 10

Stock Price as of November 22: $1.89

Plug Power (NASDAQ:PLUG) is a leader in renewable hydrogen production and fuel cell technology, offering an integrated product portfolio that includes electrolyzers, hydrogen fuel cells, and hydrogen infrastructure solutions. The company has established partnerships with key industry players, including Nikola Corporation.

On November 12, Plug Power Inc. (NASDAQ:PLUG) announced results for the third quarter ended on September 30. The company’s electrolyzer sales increased 285% quarter-over-quarter. This growth was driven by revenue from a large-scale order and the contribution from 5MW system sales. The company also announced a major order for 25 MW from BP and Iberdola’s joint venture at the Castellon refinery project in Spain.

In addition to the strong growth in electrolyzer sales, Plug Power Inc.’s (NASDAQ:PLUG) gross margin loss decreased by 37% quarter-over-quarter, driven by multiple revenue streams, including equipment, service, Power Purchase Agreements (PPA), and fuel.

Plug Power (NASDAQ:PLUG) also reported significant progress in its hydrogen production network. The company’s Joint Venture hydrogen plant with Olin Corporation in Louisiana is progressing, with liquid production expected to ramp up capacity during Q1 2025.

Plug Power (NASDAQ:PLUG) also completed the installation of an 8 MW hydrogen fuel cell system hybrid microgrid in California, which aims to reliable power during wildfires and emergencies. Additionally, the Company was awarded a $10 million DOE grant to lead the development of advanced hydrogen refueling stations in Washington State in Q3 2024.