Plug Power secures order for 25 megawatts of PEM electrolyzer systems from BP

Plug Power (PLUG) has secured an order for 25 megawatts of proton exchange membrane, or PEM, electrolyzer systems from BP (BP) and Iberdrola’s joint venture, Castellon Green Hydrogen S.L. The project will employ five of Plug’s 5 MW containerized PEM electrolyzers with a 25 MW capacity to decarbonize the operations at bp’s Castellon refinery in Valencia, Spain and is expected to avoid 23,000 tons of CO2 emissions per year. Plug’s electrolyzers will be used at the project led by bp and Iberdrola to produce green hydrogen, replacing part of the refinery’s current use of gray hydrogen generated from natural gas in its operations. This deal marks the beginning of a long-term partnership and is the first step in decarbonizing BP’s operations. The project will be developed in phases, with the potential expansion of up to 2 gigawatts of electrolysis capacity.