Plug Power Completes Installation of 100 MW GenEco Electrolyzer Units at Galp’s Sines Refinery

Rhea-AI Summary

Plug Power (NASDAQ: PLUG) completed installation of 100 MW of PEM GenEco electrolyzers at Galp’s Sines refinery, delivering all ten arrays after the initial 10 MW module in October 2025. Commissioning is expected in the coming months. Once operational, the system is projected to produce up to 15,000 tons of renewable hydrogen per year, replace about 20% of the refinery’s grey hydrogen use, and reduce 110,000 tons of annual Scope 1 and 2 CO2e emissions. The project is cited as part of Plug’s European expansion and a $2 billion global opportunity funnel for multi‑gigawatt electrolyzer deployments.

Positive

• Installed 100 MW of GenEco electrolyzers at Sines refinery
• Projected 15,000 tons/year renewable hydrogen production
• Expected to displace ~20% of refinery grey hydrogen use
• Estimated 110,000 tons annual GHG reduction (Scope 1 and 2)
• $2 billion global opportunity funnel for European expansion

Negative

• Electrolyzers not yet commissioned; commissioning expected in coming months
• Projected production and emission reductions are not yet realized

Key Figures

Electrolyzer capacity: 100 MW Initial module size: 10 MW Annual hydrogen output: 15,000 tons +5 more

8 metrics

Electrolyzer capacity 100 MW PEM GenEco electrolyzers installed at Galp’s Sines Refinery

Initial module size 10 MW First GenEco electrolyzer module delivered in October 2025

Annual hydrogen output 15,000 tons Projected renewable hydrogen production per year once operational

Grey hydrogen replaced 20% Portion of refinery’s grey hydrogen use expected to be replaced

Emissions reduction 110,000 tons Annual greenhouse gas reduction (Scope 1 and 2, CO2e)

Arrays installed 10 arrays Total PEM GenEco electrolyzer arrays installed (100 MW total)

Global opportunity funnel $2 billion Global opportunity funnel supporting multi-gigawatt deployments

Walmart warrant dilution removed 42,192,479 shares Potential future dilution eliminated under terminated Walmart warrant

Market Reality Check

Price: $2.50 Vol: Volume 183,416,064 is 1.9...

high vol

$2.50 Last Close

Volume Volume 183,416,064 is 1.92x the 20-day average of 95,761,021, indicating elevated trading interest ahead of this project milestone. high

Technical Shares trade above the 200-day MA, with price at 2.59 versus 200-day MA of 1.82, reflecting a recovery from prior lows.

Peers on Argus

PLUG gained 16.67% while peers showed modest mixed moves (e.g., FCEL +3.77%, AMP...

PLUG gained 16.67% while peers showed modest mixed moves (e.g., FCEL +3.77%, AMPX +2.05%, LTBR -0.35%). The magnitude of PLUG’s move suggests a company-specific reaction to this hydrogen project news rather than a broad sector rotation.

Historical Context

5 past events · Latest: Jan 20 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 20	Governance / AMA	Neutral	-2.1%	Reddit AMA and proposals to increase authorized shares ahead of special meeting.
Jan 13	Investor conference	Neutral	+0.0%	Participation in UBS Global Energy & Utilities Winter Conference with investor meetings.
Jan 06	Investor conference	Neutral	+0.8%	Announcement of attendance at Goldman Sachs Energy, CleanTech & Utilities Conference.
Dec 17	Project milestone	Positive	-5.7%	Installation of 5MW GenEco PEM electrolyzer at Namibia’s Hydrogen Dune site.
Dec 09	Investor conference	Neutral	+2.3%	Participation in Wells Fargo Energy & Power Conference with investor meetings.

Pattern Detected

Recent news has produced mixed price reactions, with some operational milestones like the Namibia electrolyzer installation followed by declines, while investor outreach events saw modest gains or flat trading.

Recent Company History

Over the past months, Plug’s news flow centered on investor engagement, governance, and hydrogen project execution. Conference participations on Jan 6, 2026 and earlier in Dec 2025 saw flat to modestly positive moves. The Jan 20, 2026 Reddit AMA announcement tied to increasing authorized shares and a potential reverse split drew a mild negative reaction. An operational milestone on Dec 17, 2025, installing a 5MW GenEco electrolyzer in Namibia, preceded a sharper -5.68% move, indicating past selling pressure even on positive project updates.

Market Pulse Summary

This announcement highlights completion of 100 MW of PEM GenEco electrolyzers at Galp’s Sines Refine...

Analysis

This announcement highlights completion of 100 MW of PEM GenEco electrolyzers at Galp’s Sines Refinery, targeting up to 15,000 tons of renewable hydrogen annually and reducing emissions by 110,000 tons CO2e. It builds on earlier project milestones, such as the 5MW Namibia deployment, and supports Plug’s stated multi-gigawatt European expansion and $2 billion opportunity funnel. Investors may watch progress on commissioning, actual production levels, and follow-on orders across Europe.

Key Terms

pem, electrolyzers, scope 1, scope 2, +1 more

5 terms

pem technical

"100MW of PEM GenEco™ electrolyzers at Galp’s Sines Refinery"

A proton exchange membrane (PEM) is a thin polymer film used in certain fuel cells to let positively charged particles (protons) pass while keeping gases separate, enabling hydrogen to be converted into electricity and water. For investors, PEM quality drives a fuel cell’s efficiency, lifetime and cost—improvements are like swapping a flimsy battery separator for a tougher, more conductive one: it can boost performance, cut capital and operating costs, and widen commercial prospects.

electrolyzers technical

"100MW of PEM GenEco™ electrolyzers at Galp’s Sines Refinery"

Electrolyzers are machines that use electricity to split water into hydrogen and oxygen, producing hydrogen gas without burning fossil fuels. For investors, they matter because they are the core technology for making low-carbon hydrogen at scale — similar to how an oven transforms raw ingredients into a finished meal — so their cost, efficiency, and durability directly affect the economics, emissions profile, and growth potential of clean-energy and industrial projects that rely on hydrogen.

scope 1 technical

"reducing greenhouse gas emissions by 110,000 tons annually (Scope 1 and 2, CO2e)"

Scope 1 are the greenhouse gas emissions a company produces directly from sources it owns or controls, like fuel burned in company vehicles, boilers, or on-site factories. Think of it as the smoke coming out of a business’s own chimney versus electricity it buys from the grid. Investors watch Scope 1 because these direct emissions can create regulatory costs, operational changes, and reputational risks that affect profitability and long-term value.

scope 2 technical

"reducing greenhouse gas emissions by 110,000 tons annually (Scope 1 and 2, CO2e)"

Scope 2 covers the greenhouse gas emissions produced indirectly when a business uses energy it buys from others—most commonly electricity, but also steam, heating or cooling. Think of it like the pollution linked to your household’s electricity bill: you didn’t burn the fuel yourself, but your consumption still causes emissions. Investors watch Scope 2 because it affects a company’s climate footprint, energy costs, regulatory exposure and reputation, all of which can influence long‑term financial performance.

co2e technical

"reducing greenhouse gas emissions by 110,000 tons annually (Scope 1 and 2, CO2e)"

CO2e is a single number that expresses the warming effect of all greenhouse gases as the amount of carbon dioxide they would equal, so different gases can be compared on the same scale. Think of it like converting different currencies into dollars to make an apples-to-apples comparison. Investors use CO2e to gauge a company’s climate impact, regulatory and carbon‑pricing exposure, and potential costs or reputational risks tied to emissions.

AI-generated analysis. Not financial advice.

SLINGERLANDS, N.Y., Jan. 23, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced the successful completion of the installation of 100MW of PEM GenEco™ electrolyzers at Galp’s Sines Refinery, marking a major milestone in one of Europe’s largest renewable hydrogen projects.

Since the project’s initial announcement in October 2025, with the delivery of the first 10MW GenEco electrolyzer module, all ten arrays (100 MW) have now been delivered and installed on site at the refinery.

Commissioning of the electrolyzer systems is expected to begin in the coming months. Once operational, the system is projected to produce up to 15,000 tons of renewable hydrogen per year, replacing approximately 20% of the refinery’s grey hydrogen use and reducing greenhouse gas emissions by 110,000 tons annually (Scope 1 and 2, CO2e).

“This installation demonstrates that large-scale green hydrogen is not just possible, it’s happening today and Plug is instrumental in this effort,” said Jose Luis Crespo, President and Chief Revenue Officer of Plug. “The completion of the Sines Refinery project is a defining moment for Europe’s energy transition and a model for the decarbonization of hard-to-electrify industrial sectors.”

“Projects like Sines underscore why Europe remains one of Plug’s most important strategic markets,” said Benjamin Haycraft, Chief Strategy Officer at Plug. “We continue to invest across the region to support large-scale decarbonization, and this milestone demonstrates our ability to deliver real infrastructure that advances Europe’s energy transition and strengthens long-term energy resilience.”

“With this pioneering project, Galp is closer to producing green hydrogen at an industrial scale, a historic moment for European refining,” said Ronald Doesburg, Executive Board Member responsible for Galp’s industrial activities. “It is also a key step in the development of a new generation of low-carbon fuels that will enable the decarbonization of activities that cannot be electrified,” he added.

Plug’s GenEco electrolyzers are supported by a global supply chain, integrating components manufactured across the U.S. and Europe, combining regional expertise with scalable PEM technology. The project reinforces Plug’s leadership in delivering modular, high-performance hydrogen systems at an industrial scale.

The Sines project is part of Plug’s strategic expansion in Europe, which includes multi-gigawatt electrolyzer deployments across Spain, the U.K., and beyond, supported by a $2 billion global opportunity funnel. Plug continues to advance hydrogen solutions across industries, positioning partners to decarbonize operations while maintaining competitiveness as low-carbon fuels grow their market share.

About Plug Power
Plug is building the global hydrogen economy with a fully integrated ecosystem spanning production, storage, delivery, and power generation. A first mover in the industry, Plug provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to industries such as material handling, industrial applications, and energy producers, advancing energy independence and decarbonization at scale.

With electrolyzers deployed across five continents, Plug leads in hydrogen production, delivering large-scale projects that redefine industrial power. The company has deployed over 72,000 fuel cell systems and 275 fueling stations and is the largest user of liquid hydrogen. Plug is rapidly expanding its generation network to ensure reliable, domestically produced supply, with hydrogen plants currently operational in Georgia, Tennessee, and Louisiana, capable of producing 40 tons per day.

With employees and state-of-the-art manufacturing facilities across the globe, Plug powers global leaders like Walmart, Amazon, Home Depot, BMW, and BP.

For more information, visit www.plugpower.com.

Forward-Looking Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power Inc. (“Plug”), including but not limited to statements about: expectations of commissioning electrolyzer systems; anticipated annual hydrogen production capacity of successfully commissioned electrolyzer systems; potential reduction of greenhouse gas emissions; Plug’s ability to impact Europe’s energy transition goals and contribute to decarbonization of hard-to-electrify industrial sectors; whether Europe remains one of Plug’s most important strategic markets; Plug’s ability to continue to invest in European large-scale decarbonization projects; Plug’s ability to deliver infrastructure to European customers that advances Europe’s energy resilience; Plug’s ability to maintain is leading role in the industry and continue delivering modular, high-performance hydrogen systems at an industrial scale; and the size of Plug’s global opportunity funnel for electrolyzer deployments. These forward-looking statements are based on management’s current expectations and assumptions and are subject to a number of risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof, and Plug undertakes no obligation to update such statements as a result of new information or to reflect events or circumstances after the date of this release, except as required by law. For additional risks and a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Plug in general, see Plug’s public filings with the Securities and Exchange Commission (the “SEC”), including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and any subsequent filings with the SEC.

MEDIA CONTACT
Teal Hoyos
media@plugpower.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c8ba2578-2be4-49ed-99bf-01a2a380cf4c

FAQ

What did Plug Power announce on January 23, 2026 about the Sines project (PLUG)?

Plug Power announced completion of installation of 100 MW of GenEco electrolyzers at Galp’s Sines refinery, with commissioning expected in the coming months.

How much renewable hydrogen will PLUG’s Sines electrolyzers produce annually?

The system is projected to produce up to 15,000 tons of renewable hydrogen per year once operational.

What emissions impact did Plug Power report for the Sines refinery project (PLUG)?

The project is projected to reduce 110,000 tons of Scope 1 and 2 CO2e emissions annually.

What share of Galp’s grey hydrogen will PLUG’s electrolyzers replace at Sines?

The electrolyzers are expected to replace approximately 20% of the refinery’s grey hydrogen use.

Is the PLUG Sines project already producing hydrogen as of January 23, 2026?

No; all units are installed but commissioning has not yet begun and production is projected after commissioning.

How does the Sines project fit into Plug Power’s Europe strategy (PLUG)?

Sines is part of Plug Power’s multi‑gigawatt European expansion and supports a stated $2 billion global opportunity funnel for electrolyzer deployments.