5 big analyst AI moves: Apple lifted to Buy, AI chip bets reassessed
Investing.com -- Plug Power Inc. (NASDAQ:PLUG) stock surged 14.7% Wednesday after the hydrogen solutions provider announced the delivery of its first 10-megawatt GenEco™ electrolyzer array to Portugal’s Galp (OTCMKTS:GLPEY).
The delivery marks the first of 10 similar arrays to be installed at Galp’s Sines Refinery by early 2026, creating Europe’s largest proton exchange membrane (PEM) hydrogen electrolyzer project. Upon completion in the first half of next year, the 100MW system will produce up to 15,000 tons of renewable hydrogen annually, replacing 20% of the grey hydrogen currently used at the refinery.
This shift is expected to reduce the facility’s greenhouse gas emissions by approximately 110,000 tons per year. The project represents Plug Power’s largest worldwide deployment and follows Galp’s September 2023 decision to invest €650 million in green hydrogen and sustainable aviation fuel infrastructure.
"Plug is building the next generation of industrial energy solutions, and our collaboration with Galp shows that large-scale hydrogen is ready today," said Andy Marsh, CEO of Plug Power . "This system will be a model for what’s possible across Europe’s refining sector and the broader energy industry."
The company reported that in Q2, global electrolyzer demand contributed $45 million to Plug’s overall revenue, with more than 230MW of GenEco programs across Europe, Australia, and North America. Europe remains one of Plug’s top strategic markets, with the company advancing multi-gigawatt electrolyzer deployments in Spain, the UK, and other locations.
Plug Power strengthened its position in the oil and gas sector through its acquisition of Frames Group, adding over 35 years of experience in process systems and energy infrastructure to its capabilities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.