Plug Contracts with bp and Iberdrola Joint Venture to Supply 25 MW of PEM Electrolyzers for bp’s Castellón Refinery Project in Valencia, Spain
Plug Power Inc. (NASDAQ: PLUG) has secured an order for 25 megawatts (MW) of proton exchange membrane (PEM) electrolyzer systems from bp and Iberdrola's joint venture, Castellón Green Hydrogen S.L. The project aims to decarbonize bp's Castellón refinery in Valencia, Spain, using five 5 MW containerized PEM electrolyzers. This initiative is expected to avoid 23,000 tons of CO2 emissions annually by replacing gray hydrogen with green hydrogen in refinery operations.
Plug CEO Andy Marsh highlighted the company's industry expertise and proven technology. The project represents a significant opportunity for Plug in the European green hydrogen market. Plug's experience includes operating the largest PEM electrolyzer system at its 15 ton per day Georgia hydrogen production plant and manufacturing capabilities at its Rochester Gigafactory. This deal marks the beginning of a long-term partnership with potential expansion up to 2 gigawatts of electrolysis capacity.
Plug Power Inc. (NASDAQ: PLUG) ha ottenuto un ordine per 25 megawatt (MW) di sistemi elettrolizzatori a membrana a scambio protonico (PEM) da bp e dalla joint venture di Iberdrola, Castellón Green Hydrogen S.L. Il progetto mira a decarbonizzare la raffineria di bp a Castellón, in Valencia, Spagna, utilizzando cinque elettrolizzatori PEM containerizzati da 5 MW. Si prevede che questa iniziativa eviti 23.000 tonnellate di emissioni di CO2 all'anno sostituendo l'idrogeno grigio con idrogeno verde nelle operazioni di raffineria.
Il CEO di Plug, Andy Marsh, ha evidenziato l'expertise dell'azienda nel settore e la tecnologia comprovata. Il progetto rappresenta un'opportunità significativa per Plug nel mercato europeo dell'idrogeno verde. L'esperienza di Plug include l'operazione del più grande sistema di elettrolizzatori PEM nella sua pianta di produzione di idrogeno in Georgia, che produce 15 tonnellate al giorno, e le capacità produttive nella sua Gigafactory di Rochester. Questo accordo segna l'inizio di una partnership a lungo termine con potenziali espansioni fino a 2 gigawatt di capacità elettrolitica.
Plug Power Inc. (NASDAQ: PLUG) ha asegurado un pedido de 25 megavatios (MW) de sistemas de electrólisis de membrana de intercambio de protones (PEM) de parte de bp y la empresa conjunta de Iberdrola, Castellón Green Hydrogen S.L. El proyecto tiene como objetivo descarbonizar la refinería de bp en Castellón, en Valencia, España, utilizando cinco electrólisis PEM containerizados de 5 MW. Se espera que esta iniciativa evite 23.000 toneladas de emisiones de CO2 anualmente al reemplazar el hidrógeno gris con hidrógeno verde en las operaciones de refinación.
El CEO de Plug, Andy Marsh, destacó la experiencia de la compañía en la industria y su tecnología comprobada. El proyecto representa una oportunidad significativa para Plug en el mercado europeo de hidrógeno verde. La experiencia de Plug incluye la operación del mayor sistema de electrólisis PEM en su planta de producción de hidrógeno en Georgia, que produce 15 toneladas al día, y las capacidades de fabricación en su Gigafábrica de Rochester. Este acuerdo marca el inicio de una asociación a largo plazo con potencial de expansión hasta 2 gigavatios de capacidad de electrólisis.
Plug Power Inc. (NASDAQ: PLUG)는 bp와 Iberdrola의 합작 투자인 Castellón Green Hydrogen S.L.로부터 25메가와트(MW)의 양성자 교환막(PEM) 전해조 시스템 주문을 확보했습니다. 이 프로젝트는 스페인 발렌시아에 있는 bp의 Castellón 정유소를 decarbonize(탈탄소화)하는 것을 목표로 하며, 5개의 5MW 컨테이너형 PEM 전해조를 사용합니다. 이 이니셔티브는 정유 공정에서 회색 수소를 녹색 수소로 대체함으로써 연간 23,000톤의 CO2 배출을 피할 것으로 예상됩니다.
Plug의 CEO인 Andy Marsh는 회사의 산업 전문성과 검증된 기술을 강조했습니다. 이 프로젝트는 유럽 녹색 수소 시장에서 Plug에게 중요한 기회를 제공합니다. Plug의 경험에는 매일 15톤의 수소를 생산하는 조지아의 전해조 시스템 운영과 로체스터 기가팩토리의 제조 역량이 포함됩니다. 이번 거래는 최대 2기가와트의 전해조 용량으로의 확장이 가능한 장기 파트너십의 시작을 의미합니다.
Plug Power Inc. (NASDAQ: PLUG) a sécurisé une commande de 25 mégawatts (MW) de systèmes d'électrolyseurs à membrane d'échange de protons (PEM) auprès de la coentreprise Castellón Green Hydrogen S.L. de bp et d'Iberdrola. Le projet vise à décarboniser la raffinerie de bp à Castellón, située à Valence, en Espagne, en utilisant cinq électrolyseurs PEM containerisés de 5 MW. Cette initiative devrait éviter 23 000 tonnes d'émissions de CO2 par an en remplaçant l'hydrogène gris par de l'hydrogène vert dans les opérations de raffinage.
Le PDG de Plug, Andy Marsh, a souligné l'expertise de l'entreprise dans l'industrie et sa technologie éprouvée. Le projet représente une opportunité significative pour Plug sur le marché européen de l'hydrogène vert. L'expérience de Plug inclut l'exploitation du plus grand système d'électrolyse PEM dans son usine de production d'hydrogène en Géorgie, qui produit 15 tonnes par jour, ainsi que des capacités de fabrication dans sa Gigafactory de Rochester. Cet accord marque le début d'un partenariat à long terme avec un potentiel d'expansion pouvant atteindre 2 gigawatts de capacité d'électrolyse.
Plug Power Inc. (NASDAQ: PLUG) hat eine Bestellung über 25 Megawatt (MW) Protonenaustauschmembran (PEM) Elektrolyseanlagen von der gemeinsamen Unternehmung Castellón Green Hydrogen S.L. von bp und Iberdrola erhalten. Das Projekt zielt darauf ab, die bp-Raffinerie in Castellón, Valencia, Spanien, mit fünf 5-MW-containerisierten PEM-Elektrolyseuren zu dekarbonisieren. Diese Initiative wird voraussichtlich 23.000 Tonnen CO2-Emissionen jährlich vermeiden, indem graues Wasserstoff durch grünen Wasserstoff in den Raffinerieprozessen ersetzt wird.
Plug-CEO Andy Marsh hob die Fachkompetenz des Unternehmens und die bewährte Technologie hervor. Das Projekt stellt eine bedeutende Gelegenheit für Plug im europäischen Markt für grünen Wasserstoff dar. Die Erfahrung von Plug umfasst den Betrieb des größten PEM-Elektrolysesystems in seinem Wasserstoffproduktionswerk in Georgia, das 15 Tonnen pro Tag produziert, sowie Fertigungskapazitäten in seiner Rochester-Gigafabrik. Dieses Geschäft läutet eine langfristige Partnerschaft mit einem potenziellen Ausbau auf bis zu 2 Gigawatt Elektrolysekapazität ein.
- Secured a 25 MW PEM electrolyzer system order for bp's Castellón refinery project
- Project expected to avoid 23,000 tons of CO2 emissions annually
- Potential for expansion up to 2 GW of electrolysis capacity
- Demonstrates Plug's expertise and market position in the growing European green hydrogen market
- Leverages Plug's experience with large-scale PEM electrolyzer systems and manufacturing capabilities
- None.
Insights
This contract win is a positive development for Plug Power, showcasing their ability to secure significant projects in the growing green hydrogen market. The
However, investors should note that Plug's profitability remains a concern. The company's focus on scaling and market share acquisition has led to consistent losses. This project, while promising, may not immediately impact Plug's bottom line. The long-term partnership potential with industry giants like bp and Iberdrola is encouraging, but Plug needs to demonstrate improved financial performance to justify its current valuation.
This project represents a significant step towards industrial decarbonization. The replacement of gray hydrogen with green hydrogen at bp's Castellón refinery is expected to avoid
The potential expansion to
This deal underscores the growing momentum in the European green hydrogen market. With the EU pushing for ambitious decarbonization targets, we're seeing increased adoption of green hydrogen technologies across industries. Plug Power's selection for this high-profile project could enhance its market position and lead to further contracts in Europe.
However, competition in this space is intensifying. Companies like Nel ASA and ITM Power are also vying for market share. Plug's success will depend on its ability to differentiate its technology and deliver projects efficiently. The potential for expansion to
LATHAM, N.Y., Sept. 18, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, has secured an order for 25 megawatts (MW) of proton exchange membrane (PEM) electrolyzer systems from bp and Iberdrola’s joint venture, Castellón Green Hydrogen S.L. The project will employ five of Plug’s 5 MW containerized PEM electrolyzers with a 25 MW capacity to decarbonize the operations at bp’s Castellón refinery in Valencia, Spain and is expected to avoid 23,000 tons of CO2 emissions per year.
Plug’s electrolyzers will be used at the project led by bp and Iberdrola to produce green hydrogen, replacing part of the refinery’s current use of gray hydrogen generated from natural gas in its operations.
"The selection of Plug's technology for this project serves as a clear example of our established industry expertise and proven technology,” stated Plug CEO Andy Marsh. "Industry experts have highlighted the immense market potential for green hydrogen in Europe as being a key factor for reaching European Union decarbonization targets. This presents a significant opportunity for Plug, and we have the market knowledge and technology readily available to make a substantial impact.”
Plug will leverage its extensive experience in the green hydrogen industry, backed by 35 years of engineering and expertise following the acquisition of Frames in 2021. Plug's experience in deploying and operating PEM electrolyzer systems globally, highlighted by operating the largest system at its 15 ton per day (TPD) Georgia hydrogen production plant, underscores its ability to provide proven PEM electrolyzer technology for this project.
Plug's state-of-the-art Gigafactory in Rochester, N.Y., one of the largest PEM manufacturing facilities in the U.S., further demonstrates the company's ability to deliver on this project. Together, the Georgia plant and the Gigafactory are evidence of Plug's successful track record with PEM electrolyzer technology.
This deal marks the beginning of a long-term partnership and is the first step in decarbonizing bp's operations. The project will be developed in phases, with the potential expansion of up to 2 gigawatts (GW) of electrolysis capacity.
About Plug
Plug is building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 69,000 fuel cell systems and over 250 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen.
With plans to operate a green hydrogen highway across North America and Europe, Plug built a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and is developing multiple green hydrogen production plants targeting commercial operation by year-end 2028. Plug delivers its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications.
For more information, visit www.plugpower.com.
About Iberdrola
Iberdrola is the largest utility in Europe, and one of the top three largest globally, serving a population of more than 100 million people around the world. The company has a workforce of over 42,200 and assets in excess of
A benchmark in tackling climate change, Iberdrola has invested more than
Plug Power Safe Harbor Statement
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power Inc. (“Plug”), including but not limited to statements about: Plug’s ability to deliver on its electrolyzer order from bp and Iberdrola’s joint venture, Castellón Green Hydrogen S.L., and the use of its electrolyzers to produce green hydrogen and replace part of the refinery’s use of gray hydrogen; expectations about the project’s ability to avoid 23,000 tons of CO2 emissions per year and potential expansion of up to 2 gigawatts of electrolysis; Plug’s beliefs about the market potential for green hydrogen in Europe and its significant opportunity for Plug. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Plug in general, see Plug’s public filings with the Securities and Exchange Commission (the “SEC”), including the “Risk Factors” section of Plug’s Annual Report on Form 10-K for the year ended December 31, 2023, Plug’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024 and any subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof, and Plug undertakes no obligation to update such statements as a result of new information.
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FAQ
What is the size of the PEM electrolyzer order Plug Power received for bp's Castellón refinery project?
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How many 5 MW containerized PEM electrolyzers will Plug Power (PLUG) supply for the bp Castellón refinery project?
