TLDR
- Plug Power delivered the first 10MW electrolyzer unit to Galp’s Sines Refinery in Portugal, starting what will become a 100MW green hydrogen system
- The complete system of 10 units will be installed by early 2026 and produce 15,000 tons of renewable hydrogen per year
- This project will replace 20% of the grey hydrogen currently used at the refinery and cut greenhouse gas emissions by 110,000 tons annually
- The project is part of Galp’s €650 million investment approved in September 2023 and represents one of Europe’s largest PEM electrolyzer installations
- In Q2, Plug Power’s global electrolyzer programs contributed $45 million to revenue, with over 230MW of GenEco programs across multiple regions
Plug Power shipped its first 10-megawatt electrolyzer array to Galp’s Sines Refinery in Portugal on Wednesday. The delivery marks the start of a 100-megawatt green hydrogen project.
The module is one of 10 units scheduled for installation at the site. All units should be in place by early 2026.
This project stands as Plug Power’s largest worldwide installation. It will produce up to 15,000 tons of renewable hydrogen each year.
The hydrogen will replace about 20% of the grey hydrogen currently used at the refinery. Grey hydrogen is produced from natural gas and creates carbon emissions.
The switch to renewable hydrogen will cut the refinery’s greenhouse gas emissions by roughly 110,000 tons per year. That includes both Scope 1 and Scope 2 carbon dioxide equivalent emissions.
Andy Marsh, CEO of Plug Power, said the system will serve as a model for Europe’s refining sector. He stated that large-scale hydrogen is ready for deployment today.
Major Investment in Green Energy
Galp approved this project in September 2023 as part of a €650 million investment. The investment covers both the hydrogen electrolysis unit and an HVO/SAF unit at the refinery.
Construction started weeks after the final investment decision. Work is progressing according to schedule.
Ronald Doesburg, Galp’s EVP for the Industrial business unit, noted that half of all grey hydrogen demand exists in refineries and chemical plants. He called this first 100MW installation a decisive step for both Galp and the industry.
The GenEco electrolyzer array uses components manufactured across multiple continents. Parts come from the United States and Europe.
This global supply chain approach combines regional manufacturing expertise with high-volume production capacity. The strategy helps meet growing demand for clean hydrogen produced through PEM technology.
Revenue and Market Expansion
Plug Power’s global electrolyzer programs generated $45 million in revenue during Q2. The company has more than 230MW of GenEco programs running across Europe, Australia, and North America.
The company maintains a $2 billion global opportunity pipeline. Multiple large-scale projects are moving toward final investment decisions in 2026.
Plug Power acquired Frames Group to strengthen its position in the oil and gas sector. Frames brings over 35 years of experience in process systems, gas treatment, and energy infrastructure.
Europe represents a top strategic market for Plug Power. The company is working on multi-gigawatt electrolyzer deployments in Spain and the United Kingdom.
The Sines project demonstrates that hydrogen technology can be deployed at scale to meet refinery operational requirements. It shows how oil and gas producers can reduce carbon emissions while staying competitive.
Galp reported a 25% increase in Group EBITDA during Q2 2025, reaching €840 million. The company’s net debt to EBITDA ratio stood at 0.5x.
