Plug Power announced it had been awarded a 275 MW GenEco PEM electrolyzer system for Hy2gen Canada Inc.’s Courant project in Baie‑Comeau, Québec. The contract is a front‑end engineering design (FEED) award and is one of Plug Power’s largest to date.
The electrolyzer will be integrated into a large‑scale hydrogen plant that will use hydroelectric power from Hydro‑Québec to produce low‑carbon ammonia, which will then be converted into renewable ammonium nitrate for the mining industry. The Courant project is part of Hy2gen’s pipeline of 3.4 GW of electrolysis capacity under construction and 15 GW in development.
Financial terms of the FEED contract were not disclosed. The pre‑FEED study was expected to finish by the end of 2023, with mechanical completion targeted for mid‑2028 and production shortly thereafter.
Plug Power’s Q4 2025 results showed a positive gross margin of 2.4%, the first positive margin in recent history, and revenue of $225.22 million versus an estimate of $217.38 million. The company beat earnings expectations by $0.04 per share, with an adjusted EPS of –$0.06 versus an estimate of –$0.10. The margin improvement and revenue growth are attributed to stronger demand for Plug’s equipment and improved operational leverage.
Management highlighted the contract as evidence of Plug’s ability to support large‑scale hydrogen projects. CEO Jose Luis Crespo said, “By leveraging our strong commercial foundation, advancing cost‑efficiency initiatives, and capitalizing on our more than $8 billion global sales funnel, we are converting operational momentum into sustainable financial performance.” He added, “Being selected as the electrolyzer supplier for Hy2gen’s Courant project underscores Plug’s ability to support large‑scale hydrogen and hydrogen‑derived products.”
The contract aligns with Plug’s broader strategy to capture 4‑6 GW of electrolyzer capacity by 2030 and to position the company as a full‑stack hydrogen solutions provider. Investors reacted positively, citing the first positive gross margin in recent history and the company’s asset monetization plan as key drivers of confidence.
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