Plug Power begins installation of 5MW electrolyzer in Netherlands

SLINGERLANDS, N.Y. - Plug Power Inc. (NASDAQ:PLUG), whose shares currently trade at $2.52 with a market cap of $2.98 billion, has started installing a 5-megawatt electrolyzer for the H2 Hollandia project in the Netherlands, the company announced Wednesday.

The installation marks Plug's first commercial electrolyzer deployment in the Netherlands and is part of a decentralized green hydrogen hub initiative currently under construction. The project, developed by Novar and Avitec, connects the 115-MWp Vloeivelden Hollandia solar park directly to Plug's electrolyzer system.

According to the company's press release, the electrolyzer will produce green hydrogen without adding burden to the electricity grid by converting surplus solar generation into hydrogen that can be stored and distributed for transport and industrial use. Despite this promising project, InvestingPro data shows Plug Power is quickly burning through cash and operating with weak gross profit margins of -66.51%.

The H2 Hollandia project broke ground in early September and is scheduled to become operational in 2026. Upon completion, it is expected to produce approximately 300,000 kilograms of green hydrogen annually. While the stock is currently trading slightly below its InvestingPro Fair Value, investors should note that analysts do not anticipate the company will be profitable this year. InvestingPro offers 15 additional investment tips for PLUG and comprehensive analysis in its Pro Research Report.

"The project demonstrates how Plug's electrolyzer technology can help relieve grid congestion, strengthen energy resilience, and accelerate industrial decarbonization," said Jose Luis Crespo, President and Chief Revenue Officer of Plug.

The project aligns with the Dutch government's hydrogen strategy to position the Netherlands as a major hydrogen hub in Northwest Europe. The initiative aims to support the country's targets for hydrogen deployment, infrastructure readiness, and long-term climate neutrality.

For Plug Power, this project represents an expansion of its presence in the Netherlands, following its ongoing operations at the Green Box facility in Hengelo, where the company operates a demonstration site showcasing its PEM electrolyzer and integrated hydrogen systems.

In other recent news, Plug Power Inc. is set to release its third quarter 2025 financial results on November 10, 2025, with an earnings call scheduled for investors and analysts. The company has also signed a binding agreement with Allied Biofuels FE LLC for up to 2 gigawatts of its GenEco PEM electrolyzer systems, which will aid in the development of sustainable aviation fuel and green diesel in Uzbekistan. Additionally, Plug Power has formed a strategic partnership with Edgewood Renewables to support the development of a renewable fuel facility in North Las Vegas, Nevada, where it will provide engineering design and project oversight.

Further developments include Plug Power's deployment of hydrogen fuel cell systems at Floor & Decor's distribution center in Frederickson, Washington. This installation powers 77 pieces of material handling equipment and includes a comprehensive hydrogen ecosystem. Moreover, Plug Power has completed the first phase of hydrogen delivery for the H2CAST initiative in Germany, supplying 44.5 metric tons of hydrogen for an energy storage project. These recent activities highlight Plug Power's ongoing efforts in the hydrogen and renewable energy sectors.

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