Plug Power cancels green hydrogen project at Belgium's Port of Antwerp

Plug Power is facing significant financial challenges that have impacted its green hydrogen ambitions in Europe. The company has cancelled plans for an ambitious electrolyzer project at the Port of Antwerp in Belgium. This facility was intended to produce up to 12,500 tons of liquid and gaseous green hydrogen annually for the European market by 2025 using the company’s own electrolyzer technology.

The cancellation follows tightening finances and substantial net losses. SEC filings indicate the company incurred net losses of approximately $436.1 million for the six months ended June 30, 2026, compared to $425.6 million during the same period in 2025. Additionally, the U.S. Department of Energy withdrew a $1.66 billion loan guarantee for the company in August 2025.

To manage liquidity, Plug Power has been monetizing assets, including the sale of projects like the Graham project in Texas and the New York Gateway project. The company aims to achieve positive EBITDA by the fourth quarter of 2026 and full profitability by 2028.