Plug Power abandons green hydrogen plant in Antwerp
In the UK, Fuel Cells Works reported that Plug Power has officially cancelled plans to build a green hydrogen plant at the Port of Antwerp.
The Antwerp project was set to be erected at the NextGen industrial site at the Port of Antwerp, and the plans called for Plug Power to invest somewhere between $408 million and $467 million in its erection and installation. It was reported in Belgian media that this project was set to become the largest plant for green hydrogen in Belgium with the initial aim to erect and start the operation of this plant in 2025.
In its filings, Plug Power framed the decision as a response to shifting market conditions and risk. The company stated that “this decision reflects the uncertainty regarding the economic viability of the project and takes into account the risks and uncertainties that could affect the future development of these assets.”
It added that “the future profitability and the evolution of the hydrogen market are too uncertain”.
Plug Power noted that it was exploring “alternative uses” for the company’s properties in Antwerp.
Category: Hydrogen
