The Hydrogen Stream: Plug Power records surge in electrolyzer revenue

Plug Power reported an almost 6-fold increase in electrolyzer revenues in 2024, despite the financial troubles. Meanwhile, Finland’s first large-scale plant goes into operation.

Plug Power reported a year-on-year 583% increase in electrolyzer revenues in 2024, driven by the revenue from its 5 MW system. “During the fourth quarter of 2024, Plug announced a significant purchase agreement with Allied Green Ammonia (AGA), under which the company will supply three gigawatts (GW) of electrolyzer capacity for AGA’s cutting-edge green hydrogen-to-ammonia plant in Australia,” said the US company, adding that it has so far secured more than 8 GW in global contracts. In the fourth quarter of 2024, Plug reported a gross margin loss of 122% and revenue of $191.5 million.

Sunfire and P2X Solutions commissioned a production plant in Harjavalta. “The Sunfire electrolyzer is Finland’s first industrial plant for the commercial production of green hydrogen,” said the German company. P2X Solutions relies on Sunfire’s proven pressurized alkaline technology. The Harjavalta plant’s production capacity is 20 MW.

Bosch has confirmed to pv magazine that the planned investment in Anderson, South Carolina, for fuel cell manufacturing has been delayed in mid-2024. “Bosch will continue to re-evaluate the investment for local fuel cell manufacturing when regional market demand increases”, said the company, adding that hydrogen continues to be a “growth area” for the German company and a “key technology” for the path to an electrified future. According to Bosch, the decision for the factory in South Carolina has to do with the significant changes occurred to the US hydrogen fuel cell mobility market over the past year.

Metacon has signed a supplementary agreement to the existing OEM License and Manufacturing Agreement with Peric Hydrogen Technologies for its pressurized alkaline stack technology for large electrolyzers. “The supplementary agreement gives Metacon the right, based on the existing license agreement, to also manufacture the so-called stacks,” said the Swedish company, adding that the deal opens a new long-term business for Metacon in the aftermarket. “The supplementary agreement also extends the term of the first phase of the overall license from five to eight years from the start of production. Peric has never before entered a similar partnership with any actor inside or outside China,” said Metacon, speaking about the Beijing-based company.

Repco placed an order to Andritz to engineer a 100 MW green hydrogen plant in Rostock, northern Germany. “Upon receipt of the notice to proceed, Andritz will supply the green hydrogen plant on an EPC basis using HydrogenPro pressurized alkaline technology for the electrolysis process,” said Andritz, speaking about the deal with the joint venture of RWE Generation, EnBW Neue Energien, RheinEnergie, and Rostock Port. The scope of supply includes the green hydrogen production plant, offsites & utilities, hydrogen purification and compression systems, storage facilities, and a hydrogen filling station. Commissioning is scheduled for 2027. This is the second order for Andritz related to the supply of a 100 MW green hydrogen plant to Germany. The first was received from Salzgitter Flachstahl.