Plug Power wins contract with BP-Iberdrola JV to supply PEM electrolyzers

Plug Power (NASDAQ:PLUG) +1.2% post-market Wednesday after reportedly securing an order for 25 MW of proton exchange membrane electrolyzer systems from BP (BP) and Iberdrola’s (OTCPK:IBDRY) (OTCPK:IBDSF) joint venture Castellon green hydrogen project in Spain.

Plug (PLUG) said the project will employ five of its 5 MW containerized PEM electrolyzers with a 25 MW capacity to decarbonize the operations at the Castellon refinery, which is expected to avoid 23K tons/year of CO2 emissions.

Plug (PLUG) said its electrolyzers will be used at the project to produce green hydrogen, replacing part of the refinery’s current use of gray hydrogen generated from natural gas in its operations.

The company said the project will be developed in phases, with the potential expansion of up to 2 GW of electrolysis capacity.