Given the vast disparity in market caps, which makes no sense in my opinion because HYGS business lines have larger market opportunities and better profitability, PLUG or BLDP would be wise to capitalize on their market currency. HYGS management and investor relations have only been able to convince the analyst community and not the market at large of its potential. As such, there remains a huge valuation disparity between HYGS, PLUG and BLDP. Andy Marsh has been looking for ways to expand his markets for material handling business and to expand into other categories like refrigeration. HYGS power to gas is a larger opportunity then both of PLUG's businesses combined at over 20 billion dollars. if PLUG or BLDP had any sense whatsoever they would lob a $50 takeout bid for HYGS and dominate the space.
Disclosure: I am long HYGS.
Additional disclosure: and plan to trade it actively based on price