Plug Power will provide 25MW of proton exchange membrane (PEM) electrolysers to H2DRIVEN, an 80,000 tonnes per year methanol project in Portugal.
Being developed by Dourogás and CapWatt, Plug will provide Technical Evaluation Phase (TEP) support for its electrolyser solutions during the front-end engineering and design (FEED) process.
The project is expected to combine synthesis gas from biomass gasification with green hydrogen. H2 View understands that the produced methanol will be used in heavy industry and mobility applications.
Once the TEP contract is executed, H2DRIVEN is scheduled to proceed to the final investment decision (FID), ahead of initial operations at the end of 2026.
The electrolyser OEM introduced TEP to provide customers with technical information and support to advance projects through permit and funding application phases.
TEP also covers the plant development phase while mitigating risks and making informed FID.
This agreement represents Plug’s first TEP contract. Plug will provide H2DRIVEN with “essential support and detailed information on its PEM electrolyser technology, guiding the client through the FEED process.”
The company’s CEO, Andy Marsh claimed the agreement “underscores” Plug’s leadership in PEM technology. Marsh added, “With the world’s largest PEM electrolyser plant and extensive real-world experience, we are well-positioned to provide the technical support needed to advance this project.”
Earlier this year the green hydrogen firm announced it had resolved a going concern issued in September 2023, after it revealed a net loss of $1.36bn.
Read more: Plug Power is dedicated to ‘bolstering financial position’ in 2024 following $1.36bn net loss
The issue highlighted in Q3 2023 raised concerns over the company’s ability to continue, but Plug announced in May (2024) it has “sufficient cash” and “available liquidity” to fund ongoing operations for the “foreseeable future.”
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