Plug Power to Supply 275 MW of Electrolyzers for Hy2gen's Quebec Green Hydrogen Project

Plug Power has agreed to supply 275 MW of GenEco PEM electrolysis units to Hy2gen Canada for the Courant project located in Quebec. The contract includes front-end engineering design (FEED) services, with construction scheduled to begin in 2027 and commissioning planned for 2029. This represents one of Plug Power's largest North American electrolyzer awards.

The GenEco electrolyzers use proton exchange membrane technology to split water into hydrogen and oxygen. In 2024, these units achieved over 300 MW in global deliveries and generated approximately $187 million in revenue.

The Courant project leverages Quebec's renewable energy advantage, where more than 90 percent of electricity comes from hydropower. Hy2gen plans to convert the produced green hydrogen into clean ammonia and ammonium nitrate for use in mining operations and agriculture, supporting industrial decarbonization efforts.

For Plug Power, the deal supports its financial turnaround under new CEO Jose Luis Crespo. The company reported $710 million in 2025 revenue but faced $535 million in cash burn, ending the year with $368 million in cash reserves. The company aims to achieve positive EBITDA by late 2026, with multi-year contracts like Courant providing greater revenue visibility.

Plug Power has deployed over 74,000 fuel cell units since 1997 and maintains an $8 billion commercial pipeline.

Originally reported by Hydrogen Fuel News. Read the full article →