Plug Power, Inc. PLUG disclosed on Friday that it secured an order for 25 megawatts of proton exchange membrane electrolyzer systems for a European customer.
The project will incorporate five Plug Power 5 MW containerized PEM electrolyzers to decrease the company’s carbon footprint through the utilization of green hydrogen.
“Industry experts have highlighted the immense market potential for green hydrogen in Europe as being a key factor for reaching European Union decarbonization targets,” stated Plug CEO Andy Marsh.
The company is advancing a 100 MW PEM electrolyzer project with Galp in southern Europe and deploying multiple 5 MW electrolyzer systems for various industries such as glass manufacturing, aluminum recycling, and steel production.
Additionally, Plug is actively executing 7.5 GW of Basic Engineering and Design Package (BEDP) contracts.
“This presents a significant opportunity for Plug, and we have the market knowledge and technology readily available to make a substantial impact.”
This agreement signals the start of a lasting partnership and represents the initial phase in the customer’s decarbonization journey. The project will be implemented incrementally, with the possibility of expanding electrolyzer capacity by up to two GW.
Price Action: PLUG shares are trading lower by 1.38% to $2.50 at last check Friday.
Read Next: Plug Power Achieves Certification for One MW Stationary System, Targets Green Hydrogen Expansion
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