Plug Power , the fuel-cell company, said Wednesday it will build a hydrogen generation plant at the Port of Antwerp-Bruges in Belgium, the second-largest seaport in Europe.
Plug Power (ticker: PLUG) said it would build a 100-megawatt green hydrogen plant on 28 acres of land leased under a 30-year concession agreement. It will use its own electrolyzer and liquefaction technology. The plant will be able to produce up to 12,500 tons a year of liquid and gaseous green hydrogen.
Initial production of green hydrogen is expected in late 2024, and plant commissioning will be in 2025, Plug Power said in a press release. The Wall Street Journal said Plug Power plans to invest around $315 million in the facility.
“As Europe grapples with the challenges of climate change and energy security, our agreement with Port of Antwerp-Bruges will deliver much-needed natively generated, green hydrogen to local markets,” said Andy Marsh, Plug Power chief executive, in a statement.
Plug Power shares rose 1.8% to $19.18 in premarket trading Wednesday. The stock has declined 33% this year.
In May, Plug Power reported a wider-than-expected first-quarter loss and revenue that missed Wall Street forecasts. The company said then that margins in its fuel business “continue to remain under pressure,” with it citing increased hydrogen molecule costs related to higher natural gas prices.
Plug Power announced a delivery agreement in April with Walmart (WMT).
Write to Joe Woelfel at [email protected]
