Plug Power Expands Global Hydrogen Footprint With 5 GW Electrolyzer Projects

Lekha Gupta

October 30, 2025

Plug Power Inc. (NASDAQ:PLUG) shares are trading lower on Thursday. The company disclosed a binding supply deal with Allied Biofuels FE LLC (ABF) for up to 2 GW of its GenEco PEM electrolyzer systems.

Plug's technology will power ABF's flagship SAF and eSAF facility in Uzbekistan.

Following the earlier 3 GW collaboration with Allied Green Ammonia (AGA) in Australia, this new agreement with ABF raises Plug's total contracted electrolyzer capacity with Allied partners to 5 GW across two major projects.

Also Read: ‘I Still Can’t Believe It’s Around’: Cramer Rips Plug Power

The deal will support ABF's production of sustainable aviation fuel (SAF), electro-SAF (eSAF), and green diesel, with a final investment decision expected in the fourth quarter of 2026.

The agreement marks one of the largest electrolyzer supply deals of 2025 and underscores the expansion of large-scale renewable fuel production across Central Asia.

Recent Key Events

Recently, the company announced a warrant inducement agreement to raise $370 million through a deal priced at $2.00 per share, which sparked significant investor concern over shareholder dilution and overshadowed several positive operational developments.

Also, Plug announced the successful first delivery of hydrogen to Germany's H2CAST project, a critical step in its European expansion.

Price Action: PLUG shares are down 3.08% at $2.675 at the last check on Thursday.

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