Plug Power Secures Major Order and Announces Capital Measure: Plug Power to Deliver 55-MW Electrolyzers for Three UK Projects - Additional Capital Measure Sends Stock Plummeting

Slingerlands (USA) – Plug Power has received one of the largest electrolyzer orders in the United Kingdom to date. Carlton Power selected the US company to supply GenEco PEM electrolyzers with a total capacity of 55 MW for three green hydrogen projects. The project sites are located in Barrow-in-Furness, Greater Manchester, and Plymouth.

The award is still subject to final investment decisions, expected by the end of 2025 or early 2026. The government-supported project consortium is expected to provide green hydrogen starting in 2027 and is considered the largest electrolyzer installation in the country to date.

The largest individual project is located in Barrow-in-Furness, where six 5-MW systems are to produce green hydrogen for a Kimberly-Clark plant. In Manchester, Plug Power will supply 15 MW for the Trafford Green Hydrogen Project, which will provide industrial and municipal applications with emission-free hydrogen. The Lang project in Plymouth envisions two 5-MW systems and is expected to eventually supply the transport and heating sectors. All three sites are part of the first funding round of the UK government’s Hydrogen Business Model.

According to Plug Power manager Jose Luis Crespo, the projects demonstrate “Plug Power’s growing leadership in the European hydrogen market.” Carlton Power manager Eric Adams emphasized that the partnership sets “new standards for scale, performance, and sustainability” in UK hydrogen production. The projects are intended to strengthen regional value creation and serve as blueprints for industrial decarbonization.

In addition to the project orders, Plug Power has announced a major capital measure. The company is issuing convertible senior notes totaling USD 375 million (approx. EUR 324 million) with a 6.75 percent interest rate and a 2033 maturity. Plug Power also granted the initial purchasers a 13-day option to acquire up to an additional USD 56.25 million in principal of the notes. Approximately USD 245.6 million of the proceeds will be used to repay the 15% debentures, and about USD 138 million for the repurchase of part of the 2026 convertible bond.

On the Stuttgart Stock Exchange, Plug Power shares have fallen around 24 percent today to EUR 1.488, after having risen 9.6 percent the previous day. The stock decline was triggered by the capital increase and the associated concerns over potential liquidity shortages and dilution effects, causing significant uncertainty among investors.

Source: IWR Online, 19 Nov 2025