Written by Cláudio Afonso | LinkedIn | X
Plug Power announced on Friday that has secured an order for 25 megawatts (MW) of proton exchange membrane (PEM) electrolyzer systems from a European customer. Plug shares are trading 2 percent higher at $2.59 following the news.
Without unveiling the customer, the company said the project will utilize five of its 5 MW containerized PEM electrolyzers, aims to reduce the carbon footprint of the customer’s operations by incorporating green hydrogen.
Plug added that the project will be developed in phases, with potential expansion up to two GW of electrolyzer capacity.
The company is currently advancing a 100 MW PEM electrolyzer deployment with the Eruopean oil and gas company Galp, and is commissioning multiple 5 MW electrolyzer systems for industries such as glass manufacturing, aluminum recycling, and steel manufacturing. Additionally, Plug is executing on 7.5 gigawatts (GW) of Basic Engineering and Design Package (BEDP) contracts.
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At its plant in Georgia, Plug has a hydrogen production capacity of 15 ton per day which allows the capability to provide proven PEM electrolyzer technology for the customer.
Last month, Plug Power has filed a prospectus supplement relating to the potential resale of up to 3,461,371 shares of its common stock. The warrants were issued as earn-out consideration under the Agreement and Plan of Merger, dated June 22, 2020.
In early May, shares of the hydrogen fuel cell manufacturer more than doubled to $5 per share as the company announced that received a conditional commitment for a $1.66 billion loan guarantee from the Department of Energy (DOE).
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Written by Cláudio Afonso | LinkedIn | X
