Plug Power, Inc. (NASDAQ:PLUG) on Thursday has agreed to supply a 5 MW PEM electrolyzer to Hy2gen for installation at the Sunrhyse project in Signes, France.
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The letter of intent outlines the start of a partnership aimed at scaling up RFNBO-certified hydrogen production in southern France.
The tie-up extends Plug’s European expansion efforts and supports Hy2gen’s ambition to deliver green hydrogen at Sunrhyse for logistics, transport, and industrial users.
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New Hydrogen Hub In France
The planned electrolyzer will form part of Sunrhyse, described by Hy2gen as its flagship hydrogen-production initiative.
Plug will handle hydrogen transport and distribution, and supply its turnkey forklift fuel-cell systems to logistics hubs across the Provence-Alpes-Côte d’Azur region.
Expanding Global Footprint
The agreement builds on earlier collaborations between Plug and Hy2gen, including the Québec-based Project Courant, and supports a growing global hydrogen network spanning Europe and North America.
Plug said the deal contributes to a broader framework for renewable-hydrogen production and delivery.
“Expanding RFNBO-certified hydrogen production in France marks another important step in Plug’s European growth strategy,” said Jose Luis Crespo, Plug’s president and chief revenue officer.
Cyril Dufau-Sansot, Hy2gen’s CEO, called Sunrhyse “a major milestone” in France’s hydrogen transition, underscoring the importance of scalable renewable hydrogen as a foundation for sustainable growth.
The Sunrhyse LOI reinforces Plug’s commitment to building a vertically integrated hydrogen ecosystem, production, storage, transport, and delivery, across Europe.
The companies believe this partnership could accelerate the adoption of clean hydrogen solutions in key international markets.
Recent Developments
The firm has been in the headlines for a series of strategic wins that strengthen the hydrogen fuel cell maker’s operational and financial outlook.
Momentum is building following the company’s announcement of its first-ever contract with NASA.
Under the $2.8 million award, Plug will supply liquid hydrogen to key NASA research facilities, including the Glenn Research Center. While the contract value is modest, the deal signals a strategic expansion into the high-specification aerospace sector.
Investors have also been watching the stock closely following a significant balance sheet restructuring. Plug recently closed a $431.25 million convertible note offering due 2033. Management used the net proceeds to retire costly 15% debt and eliminate restrictive liens.
PLUG Price Action: Plug Power shares were down 1.30% at $2.20 at the time of publication on Thursday, according to Benzinga Pro data.
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