Plug Power’s plans for a 100-MW green hydrogen plant at the Port of Antwerp-Bruges remain uncertain, with the port saying the future of the US company’s land concession is still part of discussions between the two sides.
The port did not confirm reports that Plug Power had abandoned the project and referred questions about the company’s decision to Plug, Renewables Now reported.
Belgian financial newspaper De Tijd reported this week that Plug Power had dropped the project, which was expected to require an investment of up to €400 million ($466 million). The report cited concerns about the project’s economic viability.
Plug Power’s Belgian subsidiary has recorded a total impairment of €13.6 million on the project, according to its annual accounts approved by shareholders and filed with the National Bank of Belgium in March. The write-downs, recorded across the 2023 and 2024 financial years, reduced the value of the Antwerp project to zero in the company’s accounts.
The subsidiary’s board cited uncertainty over the project’s financial viability and slower-than-expected growth in the green hydrogen market. It said further investment would be limited and that other uses for the asset would be considered from 2025. The filing did not state that the project had been cancelled.
Plug Power Antwerpen BV reported a net loss of €1.9 million in 2024, compared with a €13.9 million loss in 2023. The board said it continued to prepare its accounts on the assumption that the company would remain in operation, despite negative equity, and added that support from its parent company was available.
Plug Power announced the Antwerp project in 2022 under a 30-year land concession agreement with the port. The company planned to build a 100-MW electrolyser on 28 acres of port land, producing up to 35 tonnes of liquid and gaseous green hydrogen a day, or as much as 12,500 tonnes a year, for the European market.
The Port of Antwerp-Bruges said hydrogen remains an important part of its plans to shift towards cleaner energy and raw materials. However, it said producing large amounts of green hydrogen locally in Belgium remains difficult because of both economic and technical challenges, including limited access to renewable electricity.
The port said importing hydrogen and hydrogen-based fuels remains a practical option. It added that local production could still have a role through small and medium-sized projects designed to meet specific demand.
The port said the market remains cautious and investors need clear rules before committing to projects. It expects demand for hydrogen to grow mainly in sectors where replacing fossil fuels with electricity is more difficult, including shipping, aviation, refining and some industrial activities.
The port said it remains committed to its role as an energy and industrial centre where cleaner fuels and other products can be imported, distributed, processed and used.
