Plug Power Just Landed a $5.5B Hydrogen Deal--And It's Only Getting Started

Khac Phu Nguyen

Tue, Jun 10, 2025, 1:51 PM 1 min read

Plug Power (NASDAQ:PLUG) could be gearing up for one of its biggest green hydrogen wins yet. At the Tashkent International Investment Forum, Plug and Allied Green Ammonia just signed a deal to deploy 2 GW of electrolyzer capacity in Uzbekistana move that brings their global partnership to 5 GW across two continents. The Uzbekistan plant, backed by the country's government, aims to produce sustainable aviation fuel, green urea, and green diesel as part of a $5.5 billion green chemical complex. Both companies' top executives were on site to ink the agreement, signaling just how strategic this project could be for their long-term energy ambitions.

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This is the second major green hydrogen venture between the two. Allied Green's flagship project in Australia, with 3 GW of Plug's electrolyzers already lined up, is still tracking toward a final investment decision in Q4 2025. Taken together, these initiatives show Plug is more than just a tech supplierit's positioning itself as a go-to partner for decarbonization at scale. Sanjay Shrestha, Plug's President, emphasized the strategic alignment between the firms, pointing to the opportunity to expand into new regions beyond Australia and Central Asia.

For investors watching the hydrogen space, this partnership could offer early clues about how industrial-scale electrolyzer deployments will unfold globally. Plug's tech is now in motion across five continents, supporting industries from transportation to chemicals. While execution risk always lingers in projects of this scale, repeat deals like this hint at momentumand possibly, a durable edge.

This article first appeared on GuruFocus.