On Thursday, Plug Power, Inc. (NASDAQ:PLUG) said it has secured a contract with H2DRIVEN, a project developed by Dourogás and CapWatt.

The contract will provide Technical Evaluation Phase support for 25 megawatts of Proton Exchange Membrane Electrolyzers during the Front End Engineering Design process for a green methanol project in Portugal.

Leveraging the success of its Basic Engineering and Design Package for large-scale facilities, Plug has now introduced a comparable solution for projects involving multiple 5 MW PEM electrolyzer units.

The new TEP offering is designed to assist customers by providing essential technical information and support throughout the permit and funding application process, as well as during plant development.

Also Read: Plug Power Misses Q2 Revenues, Analysts Focus On Electrolyzer Deployments: ‘The Bar Was Set Low’

This service aims to minimize risks and help customers make well-informed Final Investment Decisions.

Like the BEDP, the TEP offering focuses on delivering crucial insights and technical expertise to ensure successful project execution.

“This agreement underscores our leadership and expertise in PEM electrolyzer technology,” said Plug CEO Andy Marsh. “With the world’s largest PEM electrolyzer plant and extensive real-world experience, we are well-positioned to provide the technical support needed to advance this project.”

H2DRIVEN aims to strengthen the national economy and enhance resilience by advancing research and development, fostering innovation, diversifying production systems, and decreasing dependence on external markets.

According to Benzinga Pro, PLUG stock has lost over 77% in the past year. Investors can gain exposure to the stock via Global X Hydrogen ETF (NASDAQ:HYDR).

Price Action: PLUG shares are trading lower by 1.55% to $1.91 at last check Thursday.

Photo via Shutterstock

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This article Plug Power Secures Contract With H2DRIVEN For 25 MW Electrolyzers, Enhancing Green Methanol Project In Portugal originally appeared on Benzinga.com

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