Hy2gen Canada, a subsidiary of German power-to-x specialist Hy2gen, awarded Plug the front-end engineering design (FEED) contract for the installation of its GenEco PEM system.
Plug’s electrolyser will use electricity from the Hydro-Québec grid, which Hy2gen will convert into renewable ammonium nitrate for the mining industry.
The project is targeting final investment decision (FID) in 2027 and commercial operations by 2030.
Hy2Gen says it has already signed a non-binding offtake agreement with a local explosives manufacturer.
For Plug, the system contract marks one of its largest to date.
CEO Jose Luis Crespo said it highlights a growing demand for high-capacity electrolyser technology.
The sale also represents Plug’s first since Crespo was appointed as CEO, amid the firm’s legal and political turbulence earlier this year.
In its full-year 2025 financials, Plug narrowed its cash burn and delivered a positive margin in the fourth quarter, signalling early operational progress, but remained under pressure from $1.7bn in net losses.
At the time, Crespo said efforts in 2026 will focus on sales growth and securing a positive EBITDA in Q4 2026 before reaching a positive operating income in 2027.
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