Plug Power Secures Contract For Largest Green Hydrogen Project in Europe

Hydrogen and fuel cell company Plug Power has been awarded a contract for PEM electrolysers with a capacity of over 100 megawatts (MW). This, Plug Power says, is the largest announced project in the oil and gas sector to date in Europe.

The electrolysers will run on 100 percent renewable electricity. About 43 tons of green hydrogen will be produced daily, replacing the gray hydrogen previously used in oil refining. This could avoid about 516 tons of CO2 daily, Plug Power said. The electrolysers will be delivered and installed in 2024.

“Plug is playing a leading role in advancing green hydrogen projects in Europe through the deployment of our industry-leading PEM technology. We are demonstrating how green hydrogen can be generated at scale to decarbonize hard-to-abate industries while also helping companies to achieve aggressive carbon reduction goals,” said Plug Power CEO Andy Marsh.

The modular PEM stacks for the system will be manufactured at Plug Power’s Gigafactory in Rochester, New York. The manufacturing facility currently has the capacity to produce electrolyzer stacks at a rate of 100 MW per month.

The Plug Power share is one of the best-performing RENIXX stocks this trading week. By the end of trading on Thursday evening, the share price had risen by 14 percent to 11.02 euros (July 13, 2023, closing price, Stuttgart Stock Exchange).

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