Plug Power Inc (NASDAQ:PLUG) just pulled a power move that Wall Street didn't miss. As Donald Trump's tax overhaul threatens to crimp the U.S. hydrogen boom, the company has planted its biggest flag yet in Europe — and the market is taking notice.
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Portugal's 100MW Bet
This week, Plug shipped its first 10MW GenEco™ electrolyzer to Galp's Sines refinery in Portugal, the first installment of a 100MW project that will rank among Europe's largest green hydrogen hubs.
Once fully commissioned, the site will churn out 15,000 tons of renewable hydrogen annually, reducing 20% of the refinery's grey hydrogen demand and cutting 110,000 tons of CO₂ emissions.
For Plug, it's the largest electrolyzer deployment in its history — a $650 million deal that helps it successfully pivot from fuel cell supplier to heavyweight infrastructure player.
Read Also: Trump’s Hydrogen Lifeline Could Revive Plug Power’s Stalled Plans
Hedging Against U.S. Uncertainty
That overseas pivot looks even sharper against the political backdrop. Trump's proposed tax bill would shorten deadlines for hydrogen production credits, clouding the economics of U.S. projects that had banked on long-term incentives.
Developers warn it could spark a capital exodus, but Plug has already diversified, with multi-gigawatt projects across Spain and the UK and a $2 billion pipeline worldwide.
Europe's policy tailwinds and refinery decarbonization push give it a buffer — and perhaps even a first-mover edge.
The Takeaway
Plug's Galp project is more than a milestone delivery — it's a hedge against Washington uncertainty and a showcase for industrial-scale hydrogen. With the U.S. script facing rewrites, Europe could become Plug's breakout stage.
Investors betting on hydrogen's future will see this as more than luck — it's positioning.
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