For decades, clean hydrogen production remained largely in the demonstration phase, with pilot projects and early commercial deployments proving the technology but limiting its broader impact. Small pilots, controlled research environments, and limited commercial deployments kept the technology credible but not yet consequential.

That is changing. The projects now moving through commissioning, installation, and engineering design are not pilots. They are industrial-scale deployments measured in megawatts and gigawatts, built to supply refineries, chemical producers, and synthetic fuel manufacturers with clean hydrogen at a level that can meaningfully displace fossil-based production.

Plug is at the center of several of these projects. In the first quarter of 2026 earnings call, Plug’s CEO José Luis Crespo described an approximately $8 billion electrolyzer opportunity funnel, with multiple large-scale projects now advancing through commissioning and delivery phases. The numbers behind those projects tell a story that goes beyond any single company. They reflect where the hydrogen industry stands today and what it is capable of at scale.

Why Scale Matters in Hydrogen Production

The economics of hydrogen production improve significantly with scale. A small electrolyzer produces hydrogen at a higher cost per kilogram than a large one, for the same reasons that apply to most industrial manufacturing. Larger installations spread fixed costs across more output, allow better utilization of renewable energy inputs, and create opportunities for operational efficiency that simply do not exist at the pilot level.

Global electrolyzer manufacturing capacity is expanding rapidly, reaching 25 GW annually in 2023 and projected to exceed 165 GW per year by 2030, according to the International Energy Agency.

That trajectory is being driven by countries and industries pursuing energy security, decarbonization, and greater independence from imported hydrocarbons. While electrification will play a critical role in the energy transition, many industrial processes and heavy-duty applications cannot be directly electrified, making hydrogen produced through electrolysis one of the only viable pathways to decarbonization. At the same time, a pipeline of large-scale projects is finally moving from announcement to construction. The question has shifted from whether clean hydrogen can be produced at scale to how quickly the industry can commission the projects already in development.

PEM electrolyzers are suited to large-scale deployment alongside variable renewable energy. According to IRENA, PEM electrolyzers can ramp up and down within seconds, which makes them well suited for use with variable renewable energy sources across a wide dynamic operating range. As solar and wind generation increasingly supply the power inputs for hydrogen production, this characteristic becomes a practical operational advantage at gigawatt scale.

The 25 MW Project in Spain: Iberdrola and BP

The first project Crespo referenced in the earnings call is a 25-megawatt GenEco electrolyzer deployment with Iberdrola and BP in Spain. As of the first quarter of 2026, this project is in the commissioning phase.

Iberdrola is one of Europe’s largest utility companies. BP is one of the world’s largest energy companies. The fact that both chose Plug’s PEM technology for this project reflects the commercial credibility that Plug’s GenEco PEM electrolyzer solution has established at the industrial level.

This project is connected directly to the EU regulatory environment that Crespo also discussed in the call. EU directives require member states to convert a defined percentage of industrial hydrogen consumption to clean hydrogen. As those directives are transposed into national law in Spain and other member states, they are creating binding procurement requirements supported by deployment incentives, while monetary and administrative penalties for noncompliance encourage adoption. Together, these measures are helping move projects like this one from policy aspiration to signed contracts.

The Iberdrola project is not a standalone demonstration. Crespo noted in the earnings call that Plug is already discussing expansion opportunities with European refinery customers who are satisfied with commissioning progress. The 25 MW installation is a commercial entry point. The conversations happening around it are about what comes next.

The 100 MW Project in Portugal: Galp

The second major European project Crespo described is a 100-megawatt GenEco electrolyzer deployment with Galp in Portugal. Installation activities were in the finalization phase as of the first quarter of 2026 earnings call.

A 100-megawatt GenEco electrolyzer is a substantial industrial installation. At typical operating efficiency, a system at this scale produces thousands of kilograms of hydrogen per day, enough to supply meaningful volumes for refinery operations or chemical manufacturing. The system is projected to produce up to 15,000 tons of renewable hydrogen per year, replacing approximately 20% of the refinery’s grey hydrogen use and reducing greenhouse gas emissions by 110,000 tons annually (Scope 1 and 2, CO2e).

Galp is one of Portugal’s largest energy companies, with operations across refining, chemicals, and renewable energy. For a company of that scale to commit to a 100-megawatt hydrogen installation reflects the seriousness with which European industrial energy companies are approaching decarbonization requirements.

The Galp installation in Portugal represents the next generation of that scale, five times larger than what was considered a landmark European deployment just a few years ago.

The 275 MW Project in Canada: Hy2gen

Moving beyond Europe, Plug recently announced the award of the Front-End Engineering Design (FEED) contract for Hy2gen’s 275-megawatt Courant project in Québec, Canada. FEED is the critical engineering phase that precedes a final investment decision and construction, making this a significant commercial milestone for a project of this scale.

Hy2gen is developing Courant as one of North America’s largest decarbonized ammonium nitrate facilities, supporting the mining industry’s needs across Québec, Central and Eastern Canada, and beyond. Plug’s scope includes advanced engineering and system design to support GenEco electrolyzer integration, plant configuration, and performance optimization. Powered by Hydro-Québec’s electricity grid, the facility will produce low-carbon ammonia that will be further processed into renewable ammonium nitrate for mining explosives.

The 275 MW GenEco PEM electrolyzer system represents one of the largest project awards in Plug’s history, underscoring the Company’s leadership in delivering large-scale hydrogen technology for industrial decarbonization. Successful completion of the FEED phase positions the project toward a final investment decision, where detailed engineering, cost estimates, and procurement planning provide the foundation for construction.

The 2 GW Project in Uzbekistan: Allied Biofuels

The largest project in Plug’s current pipeline is the 2-gigawatt Allied Biofuels deployment in Uzbekistan. At this scale, the project is in a different category from the European deployments discussed above. Two gigawatts of GenEco electrolyzer capacity supports Allied Biofuel’s development of sustainable aviation...

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