Plug Power (NASDAQ:PLUG) stock is rising higher today after the company announced that it has received an order for 100 megawatts (MW) of proton exchange membrane (PEM) electrolyzers. The electrolyzers run on 100% renewable energy and will create roughly 43 tons of green hydrogen per day. This will substitute gray hydrogen in the oil refining process. In addition, the order is the “largest announced project in the oil and gas sector in Europe.”
“Plug is playing a leading role in advancing green hydrogen projects in Europe through the deployment of our industry-leading PEM technology,” said CEO Andy Marsh. “We are demonstrating how green hydrogen can be generated at scale to decarbonize hard-to-abate industries while also helping companies to achieve aggressive carbon reduction goals.”
PLUG Stock: Plug Power Receives Order for 100 MW of PEM Electrolyzers
Upon installation, which is forecast for 2024, the electrolyzers will reduce carbon dioxide by about 516 tons per day. Plug will manufacture the PEM stacks at its 155,000 square foot facility in New York, which has a “capacity of 100 MWs per month of electrolyzer stacks.”
Earlier this week, Plug Power also disclosed that it had been selected to supply two 5 MW PEM electrolyzer systems for Countrywide Hydrogen’s green hydrogen projects in Tasmania, Australia. Once installed, the electrolyzer systems will provide 4,200 kilograms per day of hydrogen that will be “used to decarbonize road transport and natural gas sectors in Tasmania.” In addition, each site will include a second electrolyzer to accommodate increased hydrogen demand for storage, if necessary. Unexpected outages can trigger the use of these storage systems. The sites will also support connections to the TasGas network, which can provide further hydrogen injections into the network.
Back in late June, Plug Power announced that it was one of nine companies included in a $21.8 million grant from the European Commission as well. As part of the consortium called Hydrogen Offshore Production Europe (HOPE), Plug will supply a 10 MW PEM electrolyzer system to a site in the North Sea. Plug hopes that the completion of this project will prove the sustainability and reliability of its renewable offshore hydrogen production — and ultimately support its goal of further scaling operations.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
