Plug Power Inc. has secured a significant 25-megawatt order for its proton exchange membrane (PEM) electrolyzer systems from oil companies BP and Iberdrola S.A.'s joint venture, Castellón Green Hydrogen S.L. The project, based in Valencia, Spain, will involve deploying five 5 MW containerized PEM electrolyzers to decarbonize BP's Castellón refinery and reduce CO2 emissions by 23,000 tons annually. This initiative is aimed at producing green hydrogen to replace gray hydrogen generated from natural gas. The partnership with BP and Iberdrola signifies the start of a long-term collaboration that could potentially expand to 2 gigawatts of electrolysis capacity. Plug Power's CEO, Andy Marsh, emphasized the company's industry expertise and technology being chosen for the project. He also highlighted the market potential for green hydrogen in Europe as crucial for reaching decarbonization targets. In addition to the project in Spain, Plug Power has also secured a contract to supply 25 MW of PEM electrolyzers for a green methanol project in Portugal. Furthermore, the company received a $10 million grant from the U.S. Department of Energy to scale its HYPER-Fuel project, focusing on advanced hydrogen refueling infrastructure. Investors interested in Plug Power's developments can access the stock through Global X Hydrogen ETF and ETF Series Solutions Defiance Next Gen H2 ETF. Currently, PLUG shares are trading higher premarket, reflecting the positive momentum surrounding the company's involvement in green hydrogen projects and advanced hydrogen technologies.