US turnkey hydrogen solutions provider Plug Power Inc (NASDAQ:PLUG) is in the final stages of negotiating large-scale project opportunities for its electrolyser business in the US, Europe and Asia-Pacific, representing potential bookings surpassing 1 GW.
This is what the company’s president and CEO Andrew Marsh and CFO Paul Middleton say in a letter to investors released on Tuesday, noting that these opportunities have emerged across various end markets. Furthermore, Plug sees a robust booking outlook both for its electrolyser product and project business this year.
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According to the letter, the company’s sales funnel for electrolysers exceeds USD 30 billion (EUR 27.2bn) and about half of it relates to e-fuels, including green ammonia and methanol. Its backlog tops 2 GW across large-scale projects and 1 MW to 5 MW containerised solutions.
Plug expects its Gigafactory in Rochester, New York, to reach its 100-MW-per-month target for electrolysers later this month. The facility is currently ramping up production towards its annual run rate of 2.5 GW of total capacity, with 1.5 GW dedicated to electrolysers.
Apart from electrolysers, the company also offers fuel cell systems for stationary power and mobility applications, as well as fuelling stations, and at the same time is establishing its own green hydrogen production network across the US.
Plug has completed the installation of all equipment at its green hydrogen plant in Georgia and expects to start production this quarter. The facility consists of eight 5-MW Plug electrolysers, which are “well into commissioning.” They will be able to produce 15 tonnes of liquid hydrogen per day but the company noted it is already in the design phase of a project to double the capacity of this plant.
The company is looking forward to commissioning facilities with the combined capacity to produce more than 200 tonnes per day by the final quarter of 2024 or the first quarter of 2025. Its target for end-2025 is 500 tonnes per day.
(USD 1.0 = EUR 0.908)
