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Big Beautful Bill positive for Plug Power, says JPMorgan

JPMorgan keeps a Neutral rating on Plug Power (PLUG) after the company held a conference call to discuss the implications of the One Big Beautiful Bill for its hydrogen roadmap. The 45V clean hydrogen production tax credit is now available to project developers beginning construction on hydrogen facilities by December 31, 2027, an extension of two years versus the prior draft’s deadline, the analyst tells investors in a research note. JPMorgan believes the policy clarity should remove an overhang for the broader hydrogen complex. It views the bill as a positive for Plug Power, but adds it remains to be seen how much demand actually unlocks and how successful the company will be in improving margins and reducing cash burn in the meantime.

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