Plug Power Selected to Supply a 275 MW GenEco Electrolyzer System for Hy2gen’s Courant Decarbonized Ammonium Nitrate Project in Baie-Comeau, Québec, Canada

Large-scale project award reinforces company’s role as a trusted partner for global industrial decarbonization

SLINGERLANDS, N.Y., April 02, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions, today announced it has been awarded the Front-End Engineering Design (FEED) contract to supply a 275 MW GenEco PEM electrolyzer system for Hy2gen Canada Inc.’s “Courant” project. 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. Plug’s scope includes advanced engineering and system design activities to support electrolyzer integration, plant configuration, and performance optimization. Plug’s PEM electrolyzer technology is well-suited for applications requiring reliability, high efficiency, and operational flexibility.

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.”

The Courant project builds on Plug’s established relationship with Hy2gen, following previous collaborations on renewable hydrogen projects in Europe and ongoing hydrogen supply arrangements. Together, the companies continue to advance large-scale hydrogen projects across multiple geographies, reinforcing Plug’s position as a trusted technology and supply partner for leading global hydrogen developers.

About Plug Power

Plug is building the global hydrogen economy with a fully integrated ecosystem spanning production, storage, delivery, and power generation. A first mover in the industry, Plug provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to industries such as material handling, industrial applications, and energy producers, advancing energy independence and decarbonization at scale.

With electrolyzers deployed across five continents, Plug leads in hydrogen production, delivering large-scale projects that redefine industrial power. The company has deployed over 72,000 fuel cell systems and 275 fueling stations and is the largest user of liquid hydrogen. Plug is rapidly expanding its generation network to ensure reliable, domestically produced supply, with hydrogen plants currently operational in Georgia, Tennessee, and Louisiana, capable of producing 40 tons per day.

With employees and state-of-the-art manufacturing facilities across the globe, Plug powers global leaders like Walmart, Amazon, Home Depot, BMW, and BP.

For more information, visit www.plugpower.com.

About Hy2gen Canada Inc.

Hy2gen AG, based in Wiesbaden, Germany, develops, finances, and builds Power-to-X projects to decarbonize hard-to-abate industries within the shipping, aviation, chemical, fertilizer, refining, and steel industries. It presently operates a renewable hydrogen and renewable methane production plant in Werlte, Germany. This makes Hy2gen an important accelerator of energy transition and makes a significant contribution to achieving its and its customers’ climate change targets. The company has been a first mover on the market since 2017 and is now active in five countries worldwide. Hy2gen’s current project pipeline comprises an electrolysis capacity of 3.4 GW in planning and construction, and a further 15 GW of electrolysis capacity in development. Hy2gen Canada Inc. a wholly owned affiliate of Hy2gen AG, is developing Courant, a decarbonized ammonium nitrate project, in Baie-Comeau, Québec. It is integral to Hy2gen’s growth. In 2022, Hy2gen AG raised €200 million and a further € 47 million in 2025 from renowned investors to develop its project portfolio.

For more information, visit www.hy2gen.com

Safe Harbor
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this press release that are not historical facts, including, without limitation, statements regarding Plug’s expectations and goals with respect to its electrolyzer system for Hy2gen’s Courant project in Canada, including expected size, scope and performance, and expectations for ongoing hydrogen projects across multiple geographies. These forward-looking statements are based on current expectations, estimates, forecasts and projections and the beliefs and assumptions of management and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. These risks and uncertainties include, among other things: the Company’s ability to execute and complete the project; the Company’s ability to realize anticipated benefits from the contract; general market, economic, competitive and regulatory conditions; the Company’s ability to manage costs and liquidity; and other factors detailed from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, subsequent Quarterly Reports on Form 10-Q, and other reports filed with the SEC. Forward-looking statements speak only as of the date they are made, and Plug disclaims any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

MEDIA CONTACT
Teal Hoyos
media@plugpower.com

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