Given the disparity of the market capitalizations of PLUG and BLDP it is really hard to comprehend why either doesn't take advantage of the currency the market has afforded them to buy HYGS. They could pay 40-50$/share and it would still be significantly cheaper than the way the market is valuing them. HYGS has bigger markets, better margins, and fewer shares outstanding. There is a massive dislocation in relative value. HYGS had traded with a premium while PLUG and BLDP were hanging on for dear life. Now this massive premium is incomprehensible. HYGS would need to be over $80/share to be back to parity with PLUG.
Disclosure: The author is long HYGS.
Additional disclosure: and plans to trade it actively based on price.