Plug Power Signs Letter of Intent with Hy2gen for 5MW PEM Electrolyzer Supporting France’s Hydrogen Roadmap at Sunrhyse Green Hydrogen Project
Rhea-AI Summary
Plug Power (NASDAQ: PLUG) signed a letter of intent on Dec. 4, 2025 to supply a 5MW PEM electrolyzer for Hy2gen’s Sunrhyse green hydrogen project in Signes, France.
The LOI outlines collaboration for RFNBO-certified hydrogen production, with Plug supporting transport, distribution and turnkey hydrogen forklift solutions across Provence-Alpes-Côte d’Azur, and expanding Plug’s European footprint alongside Hy2gen projects including Project Courant in Québec.
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News Market Reaction
On the day this news was published, PLUG gained 0.22%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Sector peers show mixed signals: ELVA appeared on the momentum scanner moving down, while FCEL had a separate conference-call headline with a 12.53% move. This points to company-specific drivers for PLUG rather than a broad sector rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 09 | Investor conference | Positive | +2.3% | Participation in Wells Fargo Energy & Power Conference and investor meetings. |
| Dec 04 | Strategic partnership | Positive | +0.2% | LOI to supply 5MW PEM electrolyzer for Hy2gen’s Sunrhyse project in France. |
| Dec 03 | Investor conferences | Positive | +5.7% | Executives attending New York conferences to discuss strategy and growth plans. |
| Dec 02 | Investor call | Positive | +5.7% | Asia-Pacific investor call outlining regional growth opportunities in hydrogen. |
| Dec 01 | New contract | Positive | -4.5% | First NASA liquid hydrogen contract valued up to $2.8M for space operations. |
Positive strategic or partnership news has often seen modest to strong price gains, with one notable divergence on NASA contract news.
Over early December 2025, Plug issued several updates: investor conference participation in New York and an Asia-Pacific call highlighted strategic priorities and global hydrogen growth plans, each coinciding with 5.69% price gains. The NASA liquid hydrogen contract on Dec 1 brought up to $2.8 million in value but saw a -4.48% reaction. The Sunrhyse LOI in France on Dec 4 modestly lifted shares by 0.22%, reinforcing a pattern where strategic news generally aligns with positive moves, though not uniformly.
Market Pulse Summary
This announcement details an LOI for a 5MW PEM electrolyzer at Hy2gen’s Sunrhyse project, advancing RFNBO-certified hydrogen production and logistics in southern France. It fits Plug’s broader push to expand its European hydrogen network alongside existing operations in Germany and the Netherlands. Investors may track progress from LOI to binding agreements, execution at Sunrhyse, and how these projects ultimately interact with Plug’s recent financing activities and ongoing operating losses.
Key Terms
PEM electrolyzer technical
RFNBO-certified hydrogen regulatory
Final Investment Decision (FID) financial
electrolyzer technical
AI-generated analysis. Not financial advice.
- Agreement advances renewable, RFNBO-certified hydrogen production in southern France.
- Partnership supports logistics and mobility decarbonization across the Provence-Alpes-Côte d’Azur region.
- Project expands Plug’s European footprint through collaboration with Hy2gen on green hydrogen solutions.
SLINGERLANDS, N.Y., Dec. 04, 2025 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, announced it has signed a letter of intent (LOI) with Hy2gen for a 5MW PEM electrolyzer to be installed at Sunrhyse, Hy2gen’s flagship hydrogen production project in Signes, France.
Hy2gen is a world-leading company in developing, financing, building, and operating plants for RFNBO-certified hydrogen production. The LOI lays the foundation for collaboration between Plug Power and Hy2gen to advance hydrogen use in southern France. Plug will support the transport and distribution of hydrogen produced at Sunrhyse and continue expanding its turnkey hydrogen forklift solutions for logistics bases across the region.
The LOI builds on Plug and Hy2gen’s growing collaboration across Europe and North America, including Hy2gen’s Project Courant in Québec, Canada, which includes a large-scale electrolyzer and aims to reach Final Investment Decision (FID) before 2027. Together, the companies are developing a global framework for renewable hydrogen production and distribution to accelerate the energy transition across key international markets.
“Expanding RFNBO-certified hydrogen production in France marks another important step in Plug’s European growth strategy,” said Jose Luis Crespo, President and Chief Revenue Officer of Plug. “With the Sunrhyse project, we’re supporting the development of local hydrogen ecosystems that can serve logistics, transport, and industrial users across southern France while advancing the region’s decarbonization goals.”
“Sunrhyse represents a major milestone in France’s hydrogen transition,” said Cyril Dufau-Sansot, CEO, Hy2gen. “Through this partnership with Plug Power, we are demonstrating how renewable hydrogen can scale quickly and provide a foundation for long-term, sustainable growth.”
Plug’s contribution to the Sunrhyse project reinforces the company’s broader European strategy, which includes ongoing hydrogen production and supply operations in Germany and the Netherlands. Together, Plug and Hy2gen are paving the way for a more connected and resilient hydrogen network across Europe.
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 285 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 Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements regarding Plug’s expectations regarding its collaboration and partnership with Hy2gen and future opportunities with Hy2gen; the potential expansion of Plug’s European footprint and advancement of Plug’s European growth strategy; Plug's ability to play a growing role in advancing hydrogen production in southern France and supporting France’s decarbonization efforts generally; Plug’s capability to transport and distribute the hydrogen produced at Sunrhyse; the ability of Plug’s collaboration with Hy2gen to build out the global renewable hydrogen productions framework and generate opportunities to accelerate the energy transition market, Plug’s long-term strategy to build a hydrogen fuel network capable of supporting a broad array of industries; and the advancement of energy resilience and growth of low-carbon hydrogen. These forward-looking statements are based on management’s current expectations and assumptions and are subject to a number of risks, uncertainties, and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including but not limited to: Plug's ability to successfully perform under the arrangement with Hy2gen; Plug’s ability to secure additional projects with Hy2gen or other European renewable hydrogen generation industry participants; risks related to the development and expansion of Plug's hydrogen production, logistics, transportation, and delivery network; competition in the hydrogen generation market; technological challenges; regulatory and policy changes; market acceptance of hydrogen solutions; Plug’s ability to achieve profitability and manage liquidity; supply chain disruptions; and general economic and market conditions. Additional risks are described in Plug’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Plug undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by law.
MEDIA CONTACT
Teal Hoyos
media@plugpower.com
FAQ
What did Plug Power (PLUG) announce on December 4, 2025 regarding Sunrhyse in France?
How will the 5MW electrolyzer affect Plug Power’s European footprint (PLUG)?
What role will Plug Power (PLUG) play in hydrogen logistics for the Sunrhyse project?
Is the Sunrhyse electrolyzer supply to Plug Power (PLUG) a final contract?
How does the Sunrhyse LOI connect to Hy2gen’s other projects mentioned with PLUG?
What certification is associated with hydrogen production at Sunrhyse mentioned with Plug Power (PLUG)?
