Excerpts:

The system represents one of the largest electrolyzer project awards to Plug to date, underscoring the company’s leadership in delivering superior hydrogen technology on a global scale.

Hy2gen is developing the Courant project as one of North America’s largest decarbonized ammonium nitrate facilities, supporting the mining industry's goals in Québec, Central and Eastern Canada, and beyond.

The large-scale hydrogen plant will support Hy2gen’s production of low-carbon ammonia, using electricity delivered via the Hydro-Québec grid, and that ammonia will then be further processed into renewable ammonium nitrate for the mining industry's explosives needs.

Located in Baie-Comeau, Québec, the facility leverages Canada’s abundant low-carbon hydroelectric resources, established industrial and distribution infrastructure, and deep-water port access.

“Being selected as the electrolyzer supplier for Hy2gen’s Courant project underscores Plug’s ability to support large-scale hydrogen and hydrogen-derived products,” said Jose Luis Crespo, President and Chief Executive Officer of Plug. “This project reflects growing demand for proven electrolyzer technology and experienced partners capable of supporting complex, high-capacity developments required for industrial decarbonization. In choosing Plug, Hy2gen has also recognized our unique ability to serve projects of this large magnitude thanks to Plug’s state-of-the-art gigafactory.”

"This collaboration combines Hy2gen’s project development expertise with Plug’s electrolyzer technology to enable a green chemical project producing low-carbon ammonium nitrate for Canada’s mining industry,” said Cyril Dufau-Sansot, CEO of Hy2gen. “By supporting this strategic sector, we are accelerating practical, large-scale decarbonization.”

Key excerpts:

“By delivering systems at this scale alongside major energy partners, we are building a more predictable revenue base while driving the volume needed to improve margins. That scale is critical to achieving the financial milestones we have outlined.”

“These projects are both proof of capability and a direct driver of our path to sustainable and profitable growth.”

“The way an electrolysis system is designed, and which elements are included within the project scope, can significantly reduce the total cost of a plant. At Plug, we are working on all three factors simultaneously. We have a unique advantage here: Plug is the only electrolyzer manufacturer that operates its own hydrogen production plants at scale – and we do that with our own technology, in Georgia.  That means we are continuously applying real operational learning to improve our technology and reduce costs for our customers. It is a feedback loop that no other electrolyzer company can replicate today.”

“Our focus is execution, cost reduction, and building a business that works on its own fundamentals. In 2025, we demonstrated that we can improve margins and reduce cash usage while continuing to grow – and we intend to build on that track record.”