Plug Power Completes 100 MW Electrolyzer Installations, Advancing Europe's Hydrogen Project
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 5d ago
0mins
Source: Benzinga
- Project Milestone: Plug Power has completed the installation of 100 MW of PEM GenEco electrolyzers at Galp's Sines Refinery, marking a significant advancement in one of Europe's largest renewable hydrogen projects, expected to generate 15,000 tons of renewable hydrogen annually, offsetting 20% of the refinery's grey hydrogen use.
- Emission Reduction Impact: The system is projected to cut greenhouse gas emissions by 110,000 tons of CO₂e per year, significantly advancing the refinery's decarbonization efforts and aligning with global sustainability demands.
- Global Supply Chain Advantage: Plug's GenEco electrolyzers leverage components manufactured in both the U.S. and Europe, utilizing scalable PEM technology to ensure efficient implementation and long-term sustainability, further solidifying its leadership position in the hydrogen market.
- Strategic Expansion: This installation is part of Plug's broader European expansion strategy, which includes multi-gigawatt deployments across Spain, the U.K., and beyond, demonstrating the company's robust pipeline and commitment to investment in the global hydrogen market.
Analyst Views on PLUG
Wall Street analysts forecast PLUG stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for PLUG is 2.46 USD with a low forecast of 0.75 USD and a high forecast of 7.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
15 Analyst Rating
4 Buy
8 Hold
3 Sell
Hold
Current: 2.410
Low
0.75
Averages
2.46
High
7.00
Current: 2.410
Low
0.75
Averages
2.46
High
7.00
About PLUG
Plug Power Inc. is engaged in offering end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals. The Company develops commercially viable hydrogen and fuel cell product solutions. It provides electrolyzers that allow customers, such as refineries, producers of chemicals, steel, fertilizer and commercial refueling stations, to generate hydrogen on-site. It focuses on industrial mobility applications, including electric forklifts and electric industrial vehicles, at multi-shift high volume manufacturing and high throughput distribution sites and environmental benefits; stationary power systems that supports critical operations, such as data centers, microgrids and generation facilities, in either a backup power or continuous power role and replace batteries, diesel generators or the grid for telecommunication logistics, transportation, and utility customers; and production of hydrogen.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
