Plug Power Inc. (NASDAQ:PLUG) is scaling new heights in Europe’s hydrogen market with strategic deliveries and expanded mandates, although the company’s shares slipped on Tuesday.
The company announced that it has completed the first phase of hydrogen deliveries to Germany's H2CAST project, a crucial step in Europe's energy transition.
Gasunie and STORAG ETZEL lead the H2CAST initiative, which converts two underground salt caverns into renewable hydrogen storage.
From April to August 2025, Plug supplied 44.5 metric tons of hydrogen on schedule, demonstrating the viability of large-scale transport and storage.
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The company has now secured an additional mandate to deliver another 35 metric tons of hydrogen to the same site.
Advancing Hydrogen Storage In Europe
Plug said its success in Germany highlights how hydrogen can function as a scalable and reliable energy source.
"The success of our recent projects in Germany with H2CAST show that hydrogen works, and that it is scalable for strategic national energy requirements," said Jose Luis Crespo, president and chief revenue officer of Plug.
The hydrogen used in the H2CAST project is sourced from Hy2Gen ATLANTIS in Werlte, Germany, where Plug holds exclusive rights to all green hydrogen output.
The company also designed and installed a dedicated unloading skid for the site, integrating directly with the customer's existing infrastructure. Plug said the solution allows efficient trailer offloading and maximizes commercial use of the hydrogen supplied.
Building European Hydrogen Capacity
Plug operates a fleet of 36 Multi-Element Gas Containers, rated at 350/380 bar pressure standards, which gives it the flexibility to serve multiple markets.
The company said these capabilities reflect its vertically integrated model, and align with Europe's hydrogen economy goals.
Beyond Germany, Plug continues to expand hydrogen generation and delivery across the continent.
The company is developing an ecosystem that supports grid balancing, energy storage, and industrial fuel needs.
Executives said these efforts strengthen Plug's position as a full-service hydrogen provider and a central player in Europe's clean-energy infrastructure.
Plug has also built out U.S. hydrogen production in Georgia, Tennessee, and Louisiana. These have a combined capacity of about 40 tons per day.
Recently, Plug Power entered a warrant inducement with an existing investor, triggering immediate exercise of March 2025 warrants for $370 million at $2 per share.
In return, the investor received new $7.75 warrants for 185.4 million shares, which could add about $1.4 billion if exercised, pending shareholder approval.
According to Benzinga Pro, PLUG stock has gained over 34% in the past year. Investors can gain exposure to the stock via YieldMax Dorsey Wright Hybrid 5 Income ETF (NASDAQ:FIVY).
PLUG Price Action: Plug Power shares were down 3.57% at $3.27 at the time of publication on Tuesday, according to Benzinga Pro data.
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