Plug Power’s stock is on the rise following the announcement of a massive European order. The company has secured an order for 100 megawatts (MW) of proton exchange membrane (PEM) electrolyzers, which will run on 100% renewable energy. These electrolyzers will generate approximately 43 tons of green hydrogen per day, replacing gray hydrogen in the oil refining process. This order is considered the largest project in the oil and gas sector in Europe.
Plug Power’s CEO, Andy Marsh, expressed the company’s commitment to advancing green hydrogen projects in Europe through the use of their industry-leading PEM technology. He stated that they are demonstrating how green hydrogen can be produced at scale to decarbonize hard-to-abate industries while helping companies achieve their carbon reduction goals.
The installation of the electrolyzers is planned for 2024 and is expected to reduce carbon dioxide emissions by roughly 516 tons per day. The PEM stacks for these electrolyzers will be manufactured at Plug Power’s facility in New York, which has a capacity of producing 100 MWs per month of electrolyzer stacks.
In addition to the European order, Plug Power recently revealed that it had been selected to supply two 5 MW PEM electrolyzer systems for Countrywide Hydrogen’s green hydrogen projects in Tasmania, Australia. These electrolyzers will provide 4,200 kilograms of hydrogen per day, which will be used to decarbonize the road transport and natural gas sectors in Tasmania. Each site will also include a second electrolyzer for hydrogen storage, if needed, to address unexpected outages. The sites will also be connected to the TasGas network, allowing for further hydrogen injections.
Back in June, Plug Power was also among the companies awarded a $21.8 million grant by the European Commission. As part of the Hydrogen Offshore Production Europe (HOPE) consortium, Plug Power will supply a 10 MW PEM electrolyzer system to a site in the North Sea. This project aims to demonstrate the sustainability and reliability of renewable offshore hydrogen production, supporting Plug Power’s goal of expanding its operations.
In summary, Plug Power’s stock is experiencing growth as the company secures a significant European order for PEM electrolyzers. With their focus on advancing green hydrogen projects, Plug Power is poised to make a significant impact in decarbonizing hard-to-abate industries and helping companies achieve their carbon reduction targets.
