Sam Boughedda

Investing.com — The Plug Power Inc (NASDAQ:) announced Tuesday that it has been awarded an order to deliver a one-gigawatt electrolyzer to H2 Energy Europe.

H2 Energy was created in Zurich, Switzerland. It aims to produce hydrogen using renewable energies.

Plug Power says this installation will have the highest capacity electrolyzer in the world. Plug’s electrolyzer is now capable of producing up to 100,000 tonnes of green hydrocarbon per year.

Green hydrogen, which is produced in Northern Europe from green gas, will be used to power approximately 15,000 vehicles each day.

Andy Marsh (CEO of Plug) stated, “We believe green hydrogen to be the future. We have made significant investments into green hydrogen,” 

Marsh said, “Our manufacturing capability and operational readiness were crucial determinants of our selection for the largest international order. We are delighted to be part of this project by H2 Energy.”

H2 Energy will deploy the technology at its facility in 2024. Green hydrogen production is expected to begin in 2025.

On Tuesday, Plug Power shares surged by 12.3% 

Stephen Byrd, a Morgan Stanley analyst, estimated that this order could generate $500 million in revenue. Byrd is also optimistic about the upside potential of his estimations due to its size. 

Plug Power is assigned an analyst rating of Overweight and has a price target of $60.