Plug Power to lead BEDP on 500MW hydrogen plant

Plug Power has agreed to deliver a Basic Engineering and Design Package (BEDP) for a 500MW electrolyser project in Europe.

On January 29, 2024, the company signed the contract which increases Plug’s total amount of BEDP contracts to 4.1GW.

The BEDP will provide the engineering and plant integration details to allow a full plant front-end engineering design (FEED) study, to proceed purposefully and efficiency to understand the capital and operating expenditures associated with running a plant.

It will also enable Plug customers to integrate the electrolyser package into the project’s broader engineering and construction plan and they will also benefit from Plug’s plant manufacturing expertise.

Andy Marsh, CEO of Plug Power, said, “Plug’s ability to secure BEDP contracts totalling 4.1GW demonstrates that this approach is relevant to the market.

“Moreover, Plug’s conversion rate after providing a BEDP is high. We have already been awarded 1.1GWs worth of electrolyser supply, subject to positive final investment decision (FID), and 100MW are in execution for Galp, an oil and gas company in southern Europe.”

The agreement follows Plug Power’s announced plans to sell up to $1bn of its common stock, after growing losses in 2023.

A letter to shareholders said B.Riley Securities would “from time to time” sell up to $1bn of its stock as it looks to raise additional capital to deliver on its hydrogen plans.

Read more:Plug Power plans to sell $1bn of common stock in capital raising effort


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