Since introducing the BEDP offer just two years ago, Plug’s electrolyzer business has experienced continued growth. Earlier this year, Plug finalized a 500-MW contract in Europe, and with the addition of this 350-MW contract, the company has now closed 850 MW of BEDP contracts in just four months.
Capitalizing on its PEM stack manufacturing facility in Rochester and a global system manufacturing network spanning four continents, Plug is currently delivering and installing electrolyzers in Europe, Middle East, the U.S., India, New Zealand, Korea, Japan, Australia, and Africa. In each region, Plug factors in specific compliance and regulatory requirements.
To date, Plug has already delivered 25 electrolyzer systems to third-party customers. Over the course of 2024, it plans to deliver an additional 40 systems for a cumulated total of 189 MW. These systems include containerized electrolyzers of 1 MW and 5 MW deployed worldwide for various applications such as refineries, industrial processes, and mobility.
Additionally, the company continues to advance on large scale projects, with the execution of a 100-MW electrolyzer supply contract for a European refinery, securing over 1.2 GW of projects awarded subject to Final Investment Decision (FID), and progressing with the execution of the remaining 4.5 GW of BEDP signed to date.
Currently, 50 MW of Plug’s electrolyzers have been put into operations, and by the end of this year, Plug expects to be the largest provider of PEM technology operating in the world.
“Electrolyzer sales present a substantial business opportunity for us,” said Plug General Manager of Energy Solutions and Chief Strategy Officer Sanjay Shrestha. “Our impressive BEDP growth in just two years underscores our strong industry positioning and market growth.”
