Plug Power Stock Surges Over 25% on Key Electrolyzer Delivery
Delivery of first 10MW electrolyzer for Europe's largest green hydrogen project at Galp's Sines Refinery marks a major commercial milestone.
Shares of Plug Power (NASDAQ: PLUG) skyrocketed more than 25% after the company announced a pivotal delivery for a landmark European green hydrogen project. The hydrogen fuel cell maker confirmed it has delivered its first 10-megawatt (MW) GenEco electrolyzer to the Sines Refinery in Portugal, a facility operated by the energy company Galp.
This delivery is the first step in the development of a 100MW green hydrogen plant, which is set to be the largest of its kind in Europe. The news triggered a massive surge in trading volume, reaching nearly three times the daily average and signaling strong investor confidence in the company's execution capabilities. , validating its technology at a commercial scale.
Once fully operational, the 100MW project is expected to produce up to 15,000 tons of renewable hydrogen annually. This output will replace 20% of the existing grey hydrogen consumption at the Sines Refinery, significantly reducing its carbon footprint. According to the company, this will abate approximately 110,000 tons of greenhouse gas emissions each year, a major step in the decarbonization of industrial operations.
The delivery marks a significant milestone in a project that has been closely watched by the market. with material revenue implications, demonstrating Plug Power's ability to execute on its substantial backlog. The successful deployment strengthens the company's position as a key technology provider for the oil and gas sector, which is under increasing pressure to adopt cleaner energy sources.
Plug Power's CEO, Andy Marsh, stated that the collaboration with Galp proves that large-scale green hydrogen solutions are ready for deployment today. The Sines project serves as a model for the broader European refining industry as it navigates the energy transition. , with several other multi-gigawatt electrolyzer projects advancing across the continent. reflects the project's importance to Plug Power's growth trajectory and its role in the expanding green hydrogen economy.