Overview

• Plug completed delivery of the first 10 MW GenEco electrolyzer module to Galp’s Sines refinery, the first of ten units planned for a 100 MW system.
• Once operational, the installation is designed to produce up to 15,000 tons of renewable hydrogen per year and replace about 20% of the refinery’s grey hydrogen.
• Plug shares rose roughly in the high teens to about 20% during Wednesday trading, with reporting also linking recent momentum to AI data‑center power demand.
• The company describes Sines as among Europe’s largest PEM electrolyzer projects and highlights Europe as a priority market alongside deployments in Spain and the U.K.
• Despite the operational progress, analysts still characterize Plug as a speculative stock given past liquidity strains, dilution risk, and an uncertain path to sustained profitability.