Plug Power Inc. Delivers First Electrolyzer for Major Green Hydrogen Project at Galp’s Sines Refinery

On October 1, 2025, Plug Power Inc. (NASDAQ: PLUG), a frontrunner in hydrogen solutions, proudly announced the delivery of its first 10-megawatt (MW) GenEco™ electrolyzer array to Galp (OTCMKTS: GLPEY), Portugal's leading integrated energy company. This momentous delivery marks a pivotal step in the deployment of Europe’s largest proton exchange membrane (PEM) hydrogen electrolyzer project, located at Galp's Sines Refinery.

The 10 MW module is the first of a total of ten similar arrays that Plug Power will deliver to Galp's Sines Refinery by early 2026. Once fully operational, the project will feature a total electrolyzer capacity of 100 MW. This ambitious initiative aims to produce up to 15,000 tons of renewable hydrogen annually, which will replace 20% of the grey hydrogen currently utilized at the refinery. By making this transition, the refinery anticipates a reduction in greenhouse gas emissions by approximately 110,000 tons per year (Scope 1 and 2, CO2e).

Andy Marsh, CEO of Plug Power, emphasized the project's significance, stating, “Plug is building the next generation of industrial energy solutions, and our collaboration with Galp shows that large-scale hydrogen is ready today.” He further noted that this system will serve as a model for the refining sector across Europe and the broader energy industry.

Ronald Doesburg, Galp’s Executive Vice President overseeing the Industrial business unit, reiterated the importance of this initiative. “Half of all grey hydrogen demand sits today in refineries and chemical plants,” he stated. “With our first 100 MW, we will have started the decarbonisation of our Sines refinery. It’s a decisive first step for Galp, but also for the industry.”

Galp’s decision to invest in a 100 MW green hydrogen electrolysis unit and an HVO/SAF unit was made in September 2023, totaling a significant €650 million investment. Construction commenced shortly after the final investment decision, and progress is currently on schedule.

Plug's GenEco electrolyzer array benefits from a robust global supply chain, integrating components manufactured across various continents, including the U.S. and Europe. This strategic approach combines local manufacturing expertise with the scalability needed to meet the rising demand for clean hydrogen produced by PEM technology.

The company has also bolstered its capabilities in the oil and gas sector through the acquisition of Frames Group, amassing over 35 years of experience in process systems, gas treatment, and energy infrastructure. This project exemplifies how hydrogen can be deployed at scale and speed to meet the operational demands of the industry, supporting refinery decarbonization and positioning producers competitively as low-carbon fuels gain market share.

As one of Plug Power’s top strategic markets, Europe is central to the company’s growth ambitions. The firm is actively advancing multi-gigawatt electrolyzer deployments across Spain, the U.K., and other regions, supported by a robust $2 billion global opportunity funnel. In the second quarter of 2025, global electrolyzer demand contributed $45 million to Plug's overall revenue, with more than 230 MW of GenEco programs underway in Europe, Australia, and North America.

Looking ahead, multiple large-scale projects are moving toward final investment decisions in 2026, which will further solidify Plug Power's leadership in delivering modular, high-performance hydrogen systems.

The delivery of the GenEco electrolyzer array is not just a significant achievement for Plug Power and Galp; it represents a critical step toward establishing a sustainable hydrogen economy. As industries increasingly pivot towards decarbonization, projects like this will play a vital role in shaping the energy landscape of the future.

Plug Power remains at the forefront of this transition, committed to advancing a fully integrated hydrogen ecosystem that includes production, storage, delivery, and power generation. The implications of this project extend beyond the immediate benefits, as it sets a precedent for future developments in the global hydrogen market.