Plug Power to deliver more green hydrogen electorlyzers in 2024 than its total to date

The company will deliver more of the units this year than it has in its entire history

US green hydrogen electrolyzer company Plug Power has announced that it intends to deliver more units this year alone than it has in its entire history.

So far, only 50 MW of its PEM units are operating

As of yet, only 50 MW of Plug Power green hydrogen electrolyzers are currently operating. That said, the company plans to deliver a total 180 MW worth of units before the end of this year. 

“To date, Plug has already delivered 25 electrolyzer systems to third-party customers,” read a press release issued by the company as it announced its plans for reaching aggressive goals this year.  “Over the course of 2024, it plans to deliver an additional 40 systems for a cumulated total of 189MW.”

Among the company’s offerings include containerized units of 1 MW and 5 MW that have been deployed in locations around the world. They have been used in applications such as mobility, industrial processes, and refineries, said the news release.

The largest green hydrogen electrolyzers company in the world

Despite having only 50 MW of its equipment operating to date, the news release also stated that by the close of 2024, “Plug is expected to be the largest provider of PEM technology operating in the world.”

Plug Power first stepped into this market in 2020 and has sold a pretty low volume of units to date.  That said, this isn’t uncommon in this particular market, as developers are reluctant to make final investment decisions (FIDs) when it comes to large-scale projects unless there are notable subsidies to help fund the move.

Moreover, when it comes to renewable H2, the price of producing the clean fuel is notably higher than fossil fuel alternatives and even more expensive than grey H2, which is produced using natural gas without carbon capture or other methods of mitigating greenhouse gas emissions.

The issue with grey hydrogen

Grey hydrogen currently comprises about 95 percent of the H2 market worldwide. As it is cheaper than renewable H2, potential adopters have been hesitant to choose green, particularly as the price has not yet fallen.

Still, that price is expected to drop within the next few years, particularly if the upcoming US production tax credits of as much as $3 per kilogram kick in.

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