Overview
- Plug Power shares rose about 5% Monday after it won a 275 MW electrolyzer Front-End Engineering Design contract for Hy2gen’s Courant project in Quebec, the company’s largest to date.
- The Courant project will use Hydro-Québec power to make green hydrogen that will be converted into low-carbon ammonia and ammonium nitrate for mining and agriculture, with construction slated for 2027 and commissioning in 2029.
- Six U.S. green-hydrogen projects remain on hold after the Department of Energy froze a $1.66 billion loan guarantee, limiting near-term build-out and adding policy risk to Plug Power’s plans.
- To shore up liquidity, the company agreed to sell its Project Gateway site to Stream Data Centers for at least $132.5 million as part of a plan to unlock more than $275 million through asset sales and released cash.
- New CEO Jose Luis Crespo is aiming for positive EBITDA, a proxy for cash earnings, by the fourth quarter of 2026 after Q4 2025 gross margin turned positive, while a new class-action suit challenges past claims about funding and project readiness.