Plug Power (PLUG) Stock Jumps 26% as Company Delivers First Electrolyzer to Portugal

TLDR

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Plug Power stock closed up 25.75% at $2.93 per share on Wednesday after delivering its first 10MW electrolyzer to Galp Energia
The delivery represents the first of 10 units that will create a 100MW green hydrogen system at Portugal’s Sines Refinery by early 2026
The project will produce up to 15,000 tons of renewable hydrogen per year and replace 20% of grey hydrogen currently used at the facility
The system will cut greenhouse gas emissions by roughly 110,000 tons annually at the refinery
Galp approved the project in September 2023 as part of a €650 million investment in green energy infrastructure

Plug Power shares jumped Wednesday after the company shipped its first electrolyzer unit to Portugal. The stock closed at $2.93, up 25.75% for the day.

The delivery went to Galp Energia’s Sines Refinery. Galp is Portugal’s largest energy company.

This first unit is a 10-megawatt electrolyzer. It’s part of a larger order for 10 total units.

.@PlugPowerInc delivers first 10MW GenEco™ electrolyzer to Galp’s Sines Refinery, Portugal. First of 10 units totaling 100MW—the largest PEM #hydrogenproject underway in Europe. A big step in refinery decarbonization.#Hydrogen #HydrogenEconomy https://t.co/e4kfQ7d8Se pic.twitter.com/88v6a5DvsM
— Fuel Cells Works (@fuelcellsworks) October 1, 2025

The complete system will produce 100 megawatts of power. All units are expected to arrive by early 2026.

This project is Plug Power’s largest installation anywhere in the world. The system will generate up to 15,000 tons of renewable hydrogen each year.

That hydrogen will replace about one-fifth of the grey hydrogen the refinery currently uses. Grey hydrogen comes from natural gas and creates carbon emissions.

The new system will reduce the refinery’s greenhouse gas emissions by approximately 110,000 tons per year. This includes both Scope 1 and Scope 2 carbon dioxide equivalent emissions.

CEO Andy Marsh said the collaboration with Galp shows that large-scale hydrogen is ready for deployment. He called the system a model for Europe’s refining sector and the broader energy industry.

Project Details and Investment

Galp approved this project back in September 2023. The approval came as part of a €650 million investment.

That investment covers both the hydrogen electrolysis unit and an HVO/SAF unit at the refinery. Construction started shortly after the final investment decision.

Ronald Doesburg is Galp’s EVP for the Industrial business unit. He noted that half of all grey hydrogen demand exists in refineries and chemical plants.

He called this first 100MW installation a decisive step for both Galp and the industry. The project uses PEM electrolyzer technology.

Components for the GenEco electrolyzer array come from multiple locations. Parts are manufactured in the United States and Europe.

This global supply chain strategy combines regional manufacturing expertise with high-volume production capacity. The approach helps Plug Power meet growing demand for clean hydrogen technology.

Revenue and Market Position

Plug Power’s global electrolyzer programs brought in $45 million during the second quarter. The company has more than 230MW of GenEco programs operating across Europe, Australia, and North America.

The company maintains a $2 billion global opportunity pipeline. Several large-scale projects are moving toward final investment decisions in 2026.

Plug Power acquired Frames Group to strengthen its position in the oil and gas sector. Frames brings over 35 years of experience in process systems and energy infrastructure.

Europe is a top strategic market for the company. Plug Power is working on multi-gigawatt electrolyzer deployments in Spain and the United Kingdom.

The Sines project shows how oil and gas producers can reduce carbon emissions while staying competitive. It demonstrates that hydrogen technology can be deployed at scale to meet refinery operational requirements.

Galp reported a 25% increase in Group EBITDA during the second quarter of 2025, reaching €840 million. The company’s net debt to EBITDA ratio stood at 0.5x.

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