Plug Power Inc. entered into a letter of intent on December 4, 2025 to supply a 5‑megawatt proton‑exchange‑membrane electrolyzer to Hy2gen for the Sunrhyse green‑hydrogen project in southern France. The electrolyzer will be part of a renewable‑fuel‑of‑non‑biological‑origin (RFNBO) certified plant that will produce green hydrogen for industrial and transport applications.
The agreement marks a key milestone in Plug Power’s European expansion strategy. The company’s GenEco electrolyzer business grew 46% sequentially in Q3 2025, generating $65 million in revenue, and it has a $700 million pipeline of electrolyzer contracts expected to close in 2025. While Plug Power had set an internal target of $200 million in electrolyzer sales for the year, the new deal adds a sizable project that will help the company move closer to that goal and diversify its revenue base beyond the U.S. market.
Plug Power’s Q3 2025 earnings report showed a revenue miss of $177 million versus the $183.1 million consensus, and the company posted a net loss of $1.2 billion. The miss was driven by higher-than‑expected operating costs and a one‑time restructuring charge, while the electrolyzer segment’s strong growth offset some of the pressure. The Sunrhyse deal is expected to contribute to the company’s electrolyzer revenue mix and support the pipeline that underpins its 2025 outlook.
France’s national hydrogen strategy calls for 4.5 GW of electrolysis capacity by 2030, and the Sunrhyse project aligns with that target by adding a 5‑MW renewable electrolyzer that meets RFNBO certification standards. The partnership demonstrates how Plug Power is positioning itself to capture the growing demand for green hydrogen in Europe’s decarbonization agenda.
"Expanding RFNBO‑certified hydrogen production in France marks another important step in Plug Power’s European growth strategy," said Jose Luis Crespo, President and Chief Revenue Officer. Cyril Dufau‑Sansot, CEO of Hy2gen, added that the collaboration showcases the scalability of renewable hydrogen for sustainable growth and reinforces France’s commitment to a low‑carbon future.
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