Major Central Asian Contract Positions Plug Power for Growth

Plug Power Inc. has secured a landmark agreement that signals a potential turning point for the hydrogen technology firm. A massive electrolyzer supply deal for a project in Central Asia, valued in the billions of euros, could finally set the company on a sustained growth trajectory. The critical question for investors is whether this development provides enough momentum to lift the company's shares out of their prolonged slump.

The financial community responded swiftly to the news. Investment firm TD Cowen significantly raised its price target for Plug Power shares, boosting it from $3.00 to $4.50, while reaffirming its positive "buy" rating. According to the firm's analysis, the company's recent strategic moves and its expanding project portfolio underscore the stock's underlying potential.

This optimism stems from a binding supply agreement with Allied Biofuels FE LLC for up to 2 gigawatts of Plug Power's GenEco PEM electrolyzer systems. The technology will be deployed in a major Uzbekistan-based initiative focused on producing sustainable aviation fuel, e-kerosene, and green diesel. Industry observers are noting this as one of the most substantial electrolyzer contracts announced in 2025.

Should investors sell immediately? Or is it worth buying Plug Power?

Expanding Global Footprint with Multi-Gigawatt Projects

This new Central Asian agreement substantially increases Plug Power's committed order book. The total contracted electrolyzer capacity across Plug Power's partnerships with Allied entities now reaches a significant 5 gigawatts. This build-up follows a previously established 3-gigawatt project with Allied Green Ammonia in Australia, demonstrating the company's ability to secure large-scale international contracts.

The timeline for the Uzbekistan project indicates the hydrogen sector's gradual maturation. A final investment decision is anticipated in the fourth quarter of 2026, marking a clear transition for the industry from the planning phase into tangible implementation. This project represents not just a single contract but a step toward the large-scale, practical application of green hydrogen technology.