Plug Power, Inc. (PLUG) announced Thursday it's signed a letter of intent to supply a 5 MW PEM electrolyzer to Hy2gen for installation at the Sunrhyse project in Signes, France. If you're keeping score at home, this marks another chapter in Plug's European expansion playbook.

The agreement outlines the beginning of a partnership focused on scaling up RFNBO-certified hydrogen production in southern France. The tie-up supports Hy2gen's goal of delivering green hydrogen to logistics, transport, and industrial customers in the region, while giving Plug another foothold in Europe's growing hydrogen market.

France Gets a New Hydrogen Hub

The planned electrolyzer will be part of Sunrhyse, which Hy2gen describes as its flagship hydrogen-production initiative. Plug will handle more than just the equipment supply—it's also taking on hydrogen transport and distribution responsibilities, plus supplying its turnkey forklift fuel-cell systems to logistics hubs across the Provence-Alpes-Côte d'Azur region.

Building a Global Network

This isn't Plug and Hy2gen's first rodeo together. The companies have already collaborated on earlier projects, including the Québec-based Project Courant. The new agreement supports what's becoming a growing global hydrogen network spanning Europe and North America. Plug said the deal contributes to a broader framework for renewable-hydrogen production and delivery.

"Expanding RFNBO-certified hydrogen production in France marks another important step in Plug's European growth strategy," said Jose Luis Crespo, Plug's president and chief revenue officer.

Cyril Dufau-Sansot, Hy2gen's CEO, called Sunrhyse "a major milestone" in France's hydrogen transition, emphasizing the importance of scalable renewable hydrogen as a foundation for sustainable growth.

The Sunrhyse letter of intent reinforces Plug's commitment to building a vertically integrated hydrogen ecosystem—production, storage, transport, and delivery—across Europe. Both companies believe this partnership could accelerate the adoption of clean hydrogen solutions in key international markets.

Momentum Building

The company has been racking up headlines lately with a series of strategic wins that strengthen the hydrogen fuel cell maker's operational and financial outlook.

Momentum started building after Plug announced its first-ever contract with NASA. Under the $2.8 million award, Plug will supply liquid hydrogen to key NASA research facilities, including the Glenn Research Center. While the contract value is modest, the deal signals a strategic expansion into the high-specification aerospace sector.

Investors have also been watching the stock closely following a significant balance sheet restructuring. Plug recently closed a $431.25 million convertible note offering due 2033. Management used the net proceeds to retire costly 15% debt and eliminate restrictive liens.

PLUG Price Action: Plug Power shares were down 1.30% at $2.20 at the time of publication on Thursday.