Plug Power (PLUG) +0.4% pre-market Thursday after saying it signed a letter of intent with Hy2gen for a 5 MW PEM electrolyzer to be installed at Sunrhyse, Hy2gen’s flagship hydrogen production project in France.
Plug (PLUG) said it will support the transport and distribution of hydrogen produced at Sunrhyse and continue expanding its turnkey hydrogen forklift solutions for logistics bases across the region.
Plug (PLUG) said the LOI outlines the foundation for collaboration with Hy2gen to advance hydrogen use in southern France, and builds on the growing collaboration between the two companies across Europe and North America, including Hy2gen’s Project Courant in Quebec, which includes a large-scale electrolyzer and aims to reach final investment decision before 2027.
“Expanding RFNBO-certified hydrogen production in France marks another important step in Plug’s European growth strategy,” Plug (PLUG) President and Chief Revenue Officer Jose Luis Crespo said.