Plug Power Delivers 10MW Electrolyzer to Galp's Sines Refinery, Sparking Green Hydrogen Revolution
Plug Power has delivered a 10-megawatt electrolyzer to Galp's Sines refinery in Portugal, sparking investor excitement. This marks a significant step in Europe's largest PEM electrolyzer project, which aims to produce green hydrogen on a massive scale.
The project, set to cost 650 million euros, will deliver ten modules by early 2026, with full 100 MW capacity expected in the first half of 2026. Upon completion, it is expected to produce up to 15,000 tons of green hydrogen annually, replacing 20% of the gray hydrogen used in the Sines refinery. This transition is projected to reduce the refinery's greenhouse gas emissions by around 110,000 tons per year.
Plug Power's stock surged on Wednesday following strong quarterly results, including a 21% revenue increase and more than tripled electrolyzer sales. The company also achieved operational milestones, producing 324 tons of green hydrogen in August with high uptime and availability. Analysts doubled the stock's price target from $2 to $4, further boosting investor sentiment. Plug Power's CEO, Andy Marsh, assures that hydrogen is ready for large-scale use today, with this system serving as a model for the European refining sector and the entire energy industry.
The successful delivery of the electrolyzer to Galp's Sines refinery signals a potential turnaround for Plug Power, which has previously failed to meet expectations. With the project on track for completion in 2026, investors are optimistic about the company's future, as reflected in the recent stock surge and rebound.
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