Share Price up Slightly: Plug Power Secures 25 MW PEM Electrolyser Project For European Customer

Latham, USA - The US fuel cell and hydrogen company Plug Power has received an order for proton exchange membrane (PEM) electrolyser systems with a total capacity of 25 MW for a customer in Europe.

As part of the project, Plug Power plans to deploy five 5 MW containerised PEM electrolysers to improve the carbon footprint of the unnamed customer by using green hydrogen.

Plug Power has announced that it will utilise its extensive and long-standing experience in the field of green hydrogen. Among other things, the company is currently working on a 100 MW PEM electrolyser for Galp, an oil and gas company in Southern Europe, and is commissioning several 5 MW electrolyser systems for customers in industries such as glass manufacturing, aluminium recycling and steel production. In addition, Plug Power says it is currently executing 7.5 gigawatts (GW) of Basic Engineering and Design Package (BEDP) contracts.

Plug Power sees the current order as the start of a long-term partnership and the first step towards decarbonising the customer's operations. The project is to be developed in phases, with the possibility of expanding the electrolyser capacity to up to 2,000 MW (2 GW).

Plug Power's share price rose slightly in trading today and is currently up 0.7 per cent at a price of EUR 2.28 (14:28, 24 June 2024, Stuttgart Stock Exchange).

Source: IWR Online, 24 Jun 2024