Milestone for Industrial Decarbonization: Plug Power Delivers 275 MW Electrolyzer for Project in Québec - Stock Surges
Slingerlands (USA) - The global hydrogen market is gaining increasing momentum. Large-scale industrial projects are demonstrating how hydrogen technologies not only improve energy efficiency but also support the decarbonization of demanding production processes. Plug Power and Hy2gen are decisively advancing the transformation of industrial value creation with their latest project.
Plug Power secures mega contract in North America
The U.S. company Plug Power has received an order to deliver a 275-megawatt GenEco PEM electrolyzer system for Hy2gen Canada Inc.’s Courant project. According to Plug Power, the order is among the largest electrolyzer contracts in the company’s history and highlights the growing importance of PEM technology for industrial decarbonization.
“Being selected as the electrolyzer supplier for Hy2gen’s Courant project underscores Plug’s ability to support large-scale hydrogen and hydrogen-derived products,” said Jose Luis Crespo, President and CEO of Plug. In choosing Plug, Hy2gen has also recognized our unique ability to serve projects of this large magnitude thanks to Plug’s state-of-the-art gigafactory, Crespo added.
Plug’s PEM (Proton Exchange Membrane) technology is particularly suited for applications requiring high efficiency, flexibility, and reliability. The electrolyzer system will use electricity from the Hydro-Québec grid to produce low-carbon ammonia, which will then be further processed into renewable ammonium nitrate—a key raw material for explosives in the mining industry.
Hy2gen and Plug advance sustainable chemical projects
The Courant project leverages Canada’s hydropower resources, existing industrial infrastructure, and access to a deep-sea port. Hy2gen CEO Cyril Dufau-Sansot stated: “This collaboration combines Hy2gen’s project development expertise with Plug’s electrolyzer technology to enable a green chemistry project that produces low-carbon ammonium nitrate for the Canadian mining industry.”
The partnership builds on previous projects between Plug Power and Hy2gen in Europe. Together, the two companies are advancing the implementation of large-scale hydrogen projects in various regions, strengthening Plug Power’s position as a trusted technology partner for global hydrogen developers.
Plug Power operates production facilities worldwide for electrolyzers, fuel cells, and refueling infrastructure, supplying companies such as Walmart, Amazon, Home Depot, and BMW. With the Courant project, Plug once again demonstrates its ability to reliably deliver industrial decarbonization projects. The company is listed in the renewable stock index RENIXX World.
Hy2gen Canada Inc., a subsidiary of Hy2gen AG based in Wiesbaden, Germany, develops projects aimed at decarbonizing hard-to-abate industries. With an active project pipeline of more than 3.4 GW of electrolyzer capacity in planning and a further 15 GW in development, the company is consistently pursuing the expansion of a global green hydrogen economy.
Plug Power stock rises sharply
The share price of Plug Power rose by 11.7% over the past week to €2.10 (closing price, April 2, 2026), making it the best-performing RENIXX stock for the week. Following the long Easter weekend, the positive trend initially continued. Yesterday, the price reached a new yearly high of €2.3375, but then fell back to €2.15 by the close of trading (closing price, April 7, 2026, Stuttgart Stock Exchange).
Source: IWR Online, 08 Apr 2026
