Plug Power completed the first hydrogen fill of Hynetwork’s 32‑kilometer pipeline in Rotterdam, delivering 32 tons of renewable, RFNBO‑certified hydrogen and installing custom unloading infrastructure designed for high‑throughput pipeline purging.
The fill marks the first operational use of a Dutch hydrogen pipeline and represents a critical step in building a pan‑European hydrogen transport network. The custom unloading system, engineered to handle three MEGC trailers in parallel, demonstrates Plug Power’s ability to deliver end‑to‑end solutions—from production and certification to transportation and on‑site execution.
Jose Luis Crespo, President and Chief Revenue Officer, said the project “highlights the strength of Plug’s end‑to‑end hydrogen platform—from certified green hydrogen supply and logistics to custom engineering and on‑site execution—delivering the flexibility and speed customers need as hydrogen infrastructure scales across Europe.”
Plug Power’s financial performance remains a concern. In the first quarter of 2025 the company reported revenue of $133.7 million, a decline from $120.3 million in the same period a year earlier, and a net loss of more than $2.1 billion. Gross margins have been negative, with a -55% margin in Q1 2025 and a -70.7% margin in the most recent quarter, reflecting high operating expenses and significant cash burn. The company has undertaken restructuring and cost‑cutting measures to address these headwinds.
The Rotterdam fill follows Plug Power’s October 2025 H2CAST project in Germany, where the company delivered over 44 tons of renewable hydrogen. The new pipeline operation shows the company’s ability to scale its technology across different European markets and to execute complex infrastructure projects on schedule.
While the operational milestone underscores Plug Power’s technical capabilities and positions it as a key player in the growing hydrogen market, the company’s ongoing profitability challenges and cash burn remain a risk factor for investors. Management’s focus on cost discipline and strategic investments signals an effort to turn operational success into sustainable financial performance.
The completion of the Rotterdam pipeline fill demonstrates Plug Power’s progress in building a European hydrogen backbone, but investors should weigh this achievement against the company’s persistent financial headwinds and the need for continued cost control to achieve profitability.
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