Plug Power shares rise nearly 5% after 280 MW Arcadia electrolyzer deal
Plug Power shares rose nearly 5% in premarket trading Tuesday after the company announced a 280-megawatt electrolyzer supply agreement with Arcadia eFuels. The deal covers Project ENDOR, a planned sustainable aviation fuel facility at Denmark’s Port of Vordingborg.
Plug will supply GenEco electrolyzers to produce roughly 110 tons of renewable hydrogen daily. Arcadia plans to combine that hydrogen with captured carbon dioxide to produce jet fuel for conventional aircraft. Meanwhile, Plug will serve as preferred electrolyzer supplier for four additional Arcadia projects representing more than 1 gigawatt of potential capacity. Deliveries for ENDOR will begin after a notice to proceed, leaving final investment and project execution milestones ahead.
The agreement adds to Plug’s expanding electrolyzer pipeline as the company seeks stronger commercial execution. Plug reported second-quarter 2026 revenue of about $178 million and said it expects 15% to 16% revenue growth for the full year.
Why it matters
The agreement could expand Plug's electrolyzer backlog and exposure to sustainable aviation fuel projects. Investors will still watch project financing and execution before treating the potential pipeline as realized revenue.
