US Plug Power Abandons 100 MW Green Hydrogen Project in Belgium

en.Wedoany.com Reported - US hydrogen company Plug Power has abandoned its plans to build a 100-megawatt green hydrogen (H2) plant in Antwerp, Belgium. The project, announced in 2022, never broke ground over four years, while financial uncertainty at the corporate level rose in tandem.

New York-based Plug Power continues to face negative operating cash flow and substantial net losses. According to filings submitted to the US Securities and Exchange Commission (SEC), the company reported a net loss of approximately $190.1 million for the three months ended June 30, 2026, compared to $228.7 million in the same period the prior year; for the six months ended June 30, 2026, the net loss was approximately $436.1 million, versus $425.6 million in the prior-year period. These figures appear on page 42 of the filing. Abandoning the project also resulted in an impairment charge of approximately $15.8 million related to the accounting write-down of the Antwerp planned assets.

Plug Power first unveiled its European plans in 2022, proposing a hydrogen fuel cell system project named "Cluster Hydrogen for Mobility and Industry in Antwerp (CHYMIA)" at the Antwerp-Bruges Port Authority. The company has been active in the European market for over a decade, with multiple collaborations with industrial manufacturers, including a joint venture with Renault called HYVIA, dedicated to the green development of hydrogen applications, with related initiatives extending to the Antwerp port project.

To support the project, Plug Power secured a combination of green hydrogen power purchase agreements (PPAs) and electricity market procurement, planning to operate in synergy with local wind and solar infrastructure while providing grid flexibility. European companies involved in the PPAs include Green Hydrogen Energy Company (GHECO), as well as a joint venture between Schroders Greencoat and Carlton Power. Plug Power also signed a 30-year concession agreement to deploy its own electrolyzer systems on 28 acres of leased land at the Port of Antwerp, using electricity to split water into hydrogen and oxygen. This process is powered by carbon-free sources such as solar or wind energy, distinguishing it from gray hydrogen produced via methane steam reforming. Plug Power had expected to produce up to 12,500 tons of liquid and gaseous green hydrogen annually for the European market by 2025, but strained financial conditions have led to the cancellation of these plans.

The US Department of Energy (DOE) withdrew its proposed $1.66 billion loan guarantee to Plug Power in August of this year, which had been intended to support the construction of up to six projects. This decision cut off a key funding source for Plug Power's green hydrogen plant projects that previously had access to US-backed support. This followed actions by the newly established "Energy Dominance Financing" office, which canceled billions of dollars in loan commitments from the Biden era.

Beyond policy shifts, the production cost of green hydrogen remains a constraining factor. A 2026 report by Energy Solutions Intelligence noted that current green hydrogen production costs range from $2.50 to $7.00 per kilogram, with only 4% to 7% of announced green hydrogen projects reaching final investment decision (FID). The report also stated that physical bottlenecks arising from liquefied energy demand, along with stringent regulatory compliance rules, will continue to limit the competitiveness of green hydrogen at least until after 2035. A Harvard University study shows that while green hydrogen is a carbon-free energy source, its delivery costs are typically two to four times higher than direct electricity from solar, wind, or traditional fossil fuels. At the end of 2025, Plug Power had already announced plans to write off approximately $275 million in existing assets, including the gateway site land for its New York green hydrogen project, which was sold to hyperscale data center developer Streams Data Centers.