Plug Power (PLUG) has experienced a significant downturn over the past five years, with its stock price falling by nearly 94%. Despite this historical underperformance and a year-to-date gain of only 1% in 2025, recent developments including the renewal of a 30% investment tax credit for fuel cells and new deals are enhancing its value proposition. These deals, such as a 3-gigawatt green ammonia project in Australia and a 2-gigawatt SRF project in Uzbekistan, contribute to its backlog and pipeline, with a substantial portion of its $8 billion funnel concentrated in Europe. This news has generated excitement among investors, suggesting a potential shift towards a more bullish outlook, despite past performance.