Plug Power Stock Rocketed 14% Today – Here’s What Happened

Plug Power Inc.’s (PLUG) stock surged over 14% on Wednesday after the company announced that it shipped its first 10-megawatt GenEco electrolyzer module to Galp, an energy company based in Portugal. 

The delivery took place at Galp’s Sines Refinery, which is set to become home to the continent’s largest proton exchange membrane (PEM) electrolyzer installation. The newly delivered module is the first of 10 planned units, all of which are scheduled to be installed by early 2026. 

On Stocktwits, retail sentiment around the stock remained in ‘bullish’ territory amid ‘high’ message volume levels. 

The hydrogen produced will replace roughly one-fifth of the refinery’s current grey hydrogen usage, resulting in an estimated 110,000 tons of carbon emissions reduction annually. The array will produce up to 15,000 tons of renewable hydrogen annually.

“Half of all grey hydrogen demand sits today in refineries and chemical plants,” said Ronald Doesburg, Galp’s EVP in charge of the Industrial business unit. “With our first 100 MW, we will have started the decarbonization of our Sines refinery. It’s a decisive first step for Galp, but also for the industry,” he added.

Plug’s GenEco system draws on a distributed manufacturing model, sourcing components from regions including the U.S.and Europe. This setup enables rapid deployment at scale, addressing rising global demand for modular, clean hydrogen technology.

Europe remains a critical market for Plug, with additional multi-gigawatt electrolyzer ventures underway in countries such as the U.K. and Spain. In Q2, global electrolyzer activity, including over 230MW of GenEco projects, added $45 million to Plug’s revenue, with major investment decisions expected in 2026.

Plug Power stock has gained over 30% in 2025 and over 35% in the last 12 months. 

Also See: Why Did Rezolve AI Stock Surge 11% Today?

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