Despite a 5.7% decline in its share price on Wednesday, Plug Power Inc. has achieved a significant milestone with the launch of Africa’s first fully integrated commercial green hydrogen plant. The facility, located in Walvis Bay, Namibia, is centered around a 5-megawatt electrolyzer supplied by the U.S.-based company.
A Blueprint for the Continent
Operational since September 2025, the plant is run by Cleanergy Solutions Namibia. It represents a vertically integrated system where a solar farm spanning more than 6.5 hectares generates 5 megawatts of power. This energy is buffered by a 5.9-megawatt-hour battery storage unit before being used by Plug Power’s PEM electrolyzer to produce green hydrogen.
The hydrogen produced on-site is designated to power trucks, port and rail vehicles within the Walvis Bay harbor, as well as smaller vessels. The infrastructure is also designed to support the conversion of existing vehicles to dual-fuel operation.
Jose Luis Crespo, Plug Power’s Chief Sales Officer, stated that projects of this nature demonstrate green hydrogen’s transition “from theory to commercial reality.” The company intends for this installation to serve as a model for future sites across Africa.
Financial Performance and Strategic Moves
The stock closed at $2.16 on Wednesday, giving the company a market capitalization of approximately $3.2 billion. This valuation persists even as Plug Power reported a net loss of $786 million on revenue of $485 million for the first nine months of 2025.
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To improve its financial footing, the company is executing its “Project Quantum Leap,” targeting annual cost reductions exceeding $200 million. Furthermore, in November, Plug Power raised $375 million through convertible notes carrying a 6.75% interest rate, using the proceeds to retire more expensive debt.
Company leadership anticipates achieving positive EBITDA by the end of 2026, positive operating income by the end of 2027, and overall profitability in 2028.
Expanding Global Footprint
Beyond its African debut, Plug Power has recently announced several other contracts. Early December saw the company sign its first liquid hydrogen supply agreement with NASA. Shortly after, a memorandum of understanding was reached with Hy2gen for a 5-megawatt electrolyzer in France. In mid-November, Carlton Power became a customer for 55 megawatts of capacity in the United Kingdom.
Globally, Plug Power has deployed over 72,000 fuel cell systems and operates 285 hydrogen refueling stations, serving major clients such as Amazon, Walmart, and BMW. Its three U.S. production facilities, located in Georgia, Tennessee, and Louisiana, have a combined daily output of 40 tons of hydrogen.
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