NEW YORK, April 2, 2026, 11:01 EDT
Plug Power on Thursday announced it’s landed a FEED contract for Hy2gen Canada’s Courant project—a hefty 275-megawatt electrolyzer installation in Baie-Comeau, Quebec. That’s one of the largest deals so far for the company’s electrolyzer business. Plug shares climbed roughly 7%, trading at $2.41 during the morning session.
The award arrives as Plug works to turn commercial success into improved margins and cash flow. Back in March, the company reported a positive gross margin for the fourth quarter, sticking with its goal of hitting positive EBITDAS by the fourth quarter of 2026—a metric that strips out interest, taxes, depreciation, amortization, and stock compensation.
Cash remains at the heart of Plug’s operations. LSEG figures put operating cash outflows at $535.8 million for 2025. Back in November, Plug projected it would bring in over $275 million by selling off assets, unlocking restricted cash, and trimming maintenance expenses, all while shifting its focus toward higher-return power ventures linked to data centers.
Early engineering efforts are focusing on system design, plant layout, and integration. Plug noted that its Quebec site will feature a proton exchange membrane (PEM) electrolyzer system—technology that relies on electricity to generate hydrogen. The plan: tap Hydro-Québec power to produce low-carbon ammonia, then convert that into renewable ammonium nitrate for mining explosives.
Chief Executive Jose Luis Crespo called the award a sign of demand for “proven electrolyzer technology.” Hy2gen’s CEO, Cyril Dufau-Sansot, said the project aims to drive “large-scale decarbonization” across Canada’s mining sector. Plug Power
Some competitors aren’t letting up on hydrogen bets, while others are stepping away. Norway’s Nel and Bloom Energy continue moving electrolyzer systems, but Cummins has booked charges after taking a hard look at its electrolyzer unit, citing changes in hydrogen policy expectations.
Hy2gen still sees Courant as an industrial play with a long horizon. The company says it’s landed 307 megawatts of electricity for the site, aiming for about 230,000 tonnes of renewable ammonia output annually. Construction is slated to kick off in 2027, with production eyed for 2030.
The route from engineering to a finished plant isn’t set in stone. Hy2gen points out that project details remain fluid right through to the final investment decision. Plug, for its part, has flagged several factors that could shift results: big-project execution, when customers place orders, costs for electricity and feedstock, policy backing, and capital access.
Crespo stepped in as chief executive on March 2 and hasn’t budged on Plug’s plans: hitting positive operating income by the end of 2027, and turning fully profitable by the close of 2028. Thursday’s contract hands him his first big project win, though the Quebec facility itself is still years from coming online.
