The "pure play" hydrogen stock is still trading far below its all-time high.

When Plug Power ( PLUG 13.30% ) went public in 1999, it planned to build hydrogen charging systems for homes to disrupt traditional power companies. That ambitious plan dazzled the bulls, and its stock surged from its reverse split-adjusted IPO price of $150 to a record high of $1,498 per share at the peak of the dot-com bubble in early 2000.

But like many start-ups that went public during the dot-com boom, Plug Power overpromised and underdelivered. High infrastructure costs, regulatory challenges, and soft consumer demand for residential hydrogen systems all shattered its dream of building residential hydrogen charging systems.

Today, Plug Power primarily sells hydrogen fuel cells, charging systems, e

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