Plug Power (PLUG 2.62%) has long been a volatile stock. The company’s main revenue generator — the design and manufacture of hydrogen fuel cell systems — has historically been an up-and-down business. Some years, hype for this clean energy technology has been rampant. In other years, the financial reality of hydrogen fuel cell systems becomes a drag on the stock price.

Late last year, Plug Power stock soared from roughly $2 per share to more than $4 per share. With the stock price back at about $2, could another dramatic rise be around the corner in 2026? Another price spike is very possible, but a few catalysts will need to line up.

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