Plug Power Delivers First Electrolyzer for 100MW Green Hydrogen Project at Galp’s Sines Refinery
Rhea-AI Summary
Plug Power (NASDAQ: PLUG) has delivered its first 10-megawatt (MW) GenEco™ electrolyzer array to Galp's Sines Refinery in Portugal, marking a significant milestone in Europe's largest PEM hydrogen electrolyzer project. This delivery is the first of 10 units to be deployed by early 2026, ultimately reaching a total capacity of 100MW.
The project will produce 15,000 tons of renewable hydrogen annually, replacing 20% of the refinery's grey hydrogen usage and reducing greenhouse gas emissions by 110,000 tons per year. The initiative is part of Galp's €650 million investment announced in September 2023, which includes both the hydrogen electrolysis unit and an HVO/SAF unit.
In Q2, Plug's global electrolyzer programs contributed $45 million to revenue, with over 230MW of GenEco programs across multiple regions. The company maintains a $2 billion global opportunity funnel and expects additional large-scale projects to reach final investment decisions in 2026.
Positive
- None.
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- Project completion not expected until first half of 2026
- Only replaces 20% of current grey hydrogen usage at the refinery
News Market Reaction 68 Alerts
On the day this news was published, PLUG gained 25.75%, reflecting a significant positive market reaction. Argus tracked a peak move of +21.0% during that session. Our momentum scanner triggered 68 alerts that day, indicating high trading interest and price volatility. This price movement added approximately $712M to the company's valuation, bringing the market cap to $3.48B at that time. Trading volume was elevated at 2.1x the daily average, suggesting notable buying interest.
Data tracked by StockTitan Argus on the day of publication.
- The 10MW module is the first of 10 units to be deployed at the Sines Refinery for a total capacity of 100MW, one of the very few projects underway in Europe at this scale.
- The Sines project is an important first step in the decarbonization of the Sines Refinery and of key industries that are difficult to electrify.
SLINGERLANDS, N.Y., Oct. 01, 2025 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced the delivery of its first 10-megawatt (MW) GenEco™ electrolyzer array to Galp (OTCMKTS: GLPEY), Portugal’s leading integrated energy company. The array was delivered to Galp’s Sines Refinery, home of the largest proton exchange membrane (PEM) hydrogen electrolyzer project underway in Europe.
The module is the first of 10 similar arrays with Hydrogen Processing Units (HPUs) to be delivered on site by early 2026 to deploy a total electrolyzer capacity of 100MW upon completion, in the first half of next year.
This project, Plug’s largest worldwide, will produce up to 15,000 tons of renewable hydrogen per year, replacing 20 percent of the grey hydrogen currently used at the Sines Refinery. This switch will reduce the Refinery’s greenhouse gas emissions by approximately 110,000 tons per year (Scope 1 and 2, CO2e).
“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, Plug. “This system will be a model for what’s possible across Europe’s refining sector and the broader energy industry.”
“Half of all grey hydrogen demand sits today in refineries and chemical plants,” said Ronald Doesburg, Galp’s EVP in charge of the Industrial business unit. “With our first 100 MW, we will have started the decarbonisation of our Sines refinery. It’s a decisive first step for Galp, but also for the industry,” he added.
Galp decided in September of 2023 to build a 100MW green hydrogen electrolysis unit and an HVO/SAF unit in its refinery, in a combined
Plug’s GenEco electrolyzer array is supported by a global supply chain and integrates components manufactured across several continents, including the U.S. and Europe. This approach combines regional manufacturing expertise with high-volume scalability to meet surging demand for clean hydrogen produced by PEM technology.
Plug has strengthened its expertise in the oil and gas sector through the acquisition of Frames Group, bringing more than 35 years of experience in process systems, gas treatment, and energy infrastructure. For the oil and gas market broadly, this project demonstrates that hydrogen can be deployed at a scale and pace that meets the industry’s operational demands, supports refinery decarbonization, and positions producers to stay competitive as low-carbon fuels grow their market share.
Europe is one of Plug’s top strategic markets and the company is advancing multi-gigawatt electrolyzer deployments in Spain, the U.K., and beyond, supported by a
About Galp
Galp is an energy company committed to developing efficient and sustainable solutions in its operations and in the integrated offers it provides to its customers. We create simple, flexible, and competitive solutions for the energy or mobility needs of both large industries and small and medium-sized enterprises, as well as the individual consumer. Our offer includes various forms of energy – from electricity produced with renewable sources to natural gas and liquid fuels, including low carbon fuels. As a producer, we extract oil and natural gas from reservoirs located kilometers below the sea surface, and we are also one of the main Iberian producers of solar-based electricity. We contribute to the economic development of the nine countries where we operate and to the social progress of our host communities. We are, therefore, leaders in our sector in the main global sustainability indices. Galp directly employs more than 7,000 people.
More information at www.galp.com.
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.
Plug Power Safe Harbor Statement
This communication 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: Plug’s ability to build and deploy the next generation of industrial energy solutions and meet the demand for clean hydrogen produced by PEM technology; continued or anticipated successful deployment of large-scale electrolyzer projects; electrolyzer projects reaching final investment decisions in 2026; advancement of multi-gigawatt electrolyzer deployments in Europe; and solidification of Plug’s leadership position in delivering modular, high-performance hydrogen systems. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. For 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 the “Risk Factors” section of Plug’s Annual Report on Form 10-K for the year ended December 31, 2024 and Plug’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and any subsequent filings with the SEC. 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.
MEDIA CONTACT
Teal Hoyos
media@plugpower.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1520e7b6-0149-4c93-aef1-14b93aae9524
FAQ
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