Top 10 Green Hydrogen Projects: Plug Power’s 2 GW Deal and Thyssenkrupp’s 1.4 GW Supply Win (2025-2026)

The global electrolyzer market is undergoing a fundamental shift from ambitious announcements to tangible execution, with giga-scale green hydrogen projects advancing into construction and toward operation between 2025 and 2026. This transition is underscored by major project milestones, such as the NEOM Green Hydrogen Project reaching 90% construction completion on its over 2 GW facility, and significant supply agreements, including Plug Power’s landmark deal to provide 2 GW of PEM electrolyzers in Uzbekistan. The dominant theme for this period is the move from potential to bankability, where supply chain reliability and the operational performance of large-scale systems are now the primary measures of success, establishing critical proof points for the entire industry.

1. NEOM Green Hydrogen Project

Company: NEOM Green Hydrogen Company, ACWA Power, Air Products, Thyssenkrupp Nucera
Installation Capacity: Over 2 GW
Applications: Green ammonia production for export, with a planned output of up to 600 tonnes per day of green hydrogen.
Source: Saudi Arabia Hydrogen Generation Market: Clean Energy Transition …

2. Allied Green Ammonia (AGA) Project

Company: Allied Green Ammonia (AGA), Plug Power
Installation Capacity: 2 GW
Applications: Green ammonia production in Uzbekistan.
Source: Plug Power Secures 2 GW Electrolyzer Deal for Uzbekistan Green …

3. PGS Green Iron Project

Company: PGS, Thyssenkrupp Nucera
Installation Capacity: 1.4 GW
Applications: Production of green iron in Australia, a key use case for decarbonizing heavy industry.
Source: PGS selects thyssenkrupp nucera as preferred supplier for 1.4 GW …

4. Coega Green Ammonia Project

Company: Hive Hydrogen South Africa
Installation Capacity: 1.2 GW
Applications: Green ammonia production, powered by 3.5 GW of dedicated renewable energy.
Source: Africa’s Green Hydrogen Mega-Projects Gear Up for 2026

5. Amea Power Ammonia Project

Company: Amea Power
Installation Capacity: 1 GW
Applications: Planned green ammonia facility in Africa.
Source: [PDF] African Green Hydrogen Report | Pt X Hub

6. Netherlands Large-Scale Electrolyzer Development

Company: Air Liquide, Total Energies
Installation Capacity: 450 MW (across two projects)
Applications: Large-scale green hydrogen production in the European Union.
Source: Global Electrolyzer Market Research Report Forecast (2026-2032)

7. Hy Berus Consortium Project

Company: Hy Berus Consortium
Installation Capacity: 360 MW
Applications: E-fuel production in Spain, supported by €138.6 million in funding.
Source: Spain unleashes €1.5 Bn hydrogen and green tech blitz

8. Advanced Clean Energy Storage (ACES) Delta Project

Company: Mitsubishi Power, Chevron New Energies, Hydrogen Pro
Installation Capacity: 220 MW
Applications: Green hydrogen production (up to 100 tonnes per day) for storage in large salt caverns.
Source: Hydrogen Pro’s 220 MW ACES Delta Project Nears Completion

9. RWE Industrial-Scale H 2 Production Project

Company: RWE, Linde
Installation Capacity: 200 MW (from two 100 MW plants)
Applications: Industrial-scale green hydrogen production.
Source: H 2 appening | Linde

10. Galp Sines Refinery Project

Company: Galp, Plug Power
Installation Capacity: 100 MW
Applications: Green hydrogen production to decarbonize refinery operations.
Source: Hydrogen News from Europe (February 2026)

Table: Top 10 Green Hydrogen Megaprojects (2025-2026)

Green Hydrogen Applications, Thyssenkrupp Nucera’s 1.4 GW Green Iron Project

The primary catalyst for these megaprojects is solidified demand from hard-to-abate industrial sectors. The diversity of applications highlights a strategic shift toward decarbonizing core industrial processes rather than focusing on speculative use cases. Projects are anchored by demand for green ammonia (NEOM, Coega, Amea), which serves as both a fertilizer feedstock and a hydrogen carrier for shipping fuel. Another critical application is the production of green iron, exemplified by the 1.4 GW PGS project in Australia supplied by Thyssenkrupp Nucera. This direct integration of hydrogen into industrial value chains provides the large-scale, bankable offtake agreements necessary to secure financing for capital-intensive facilities. Further applications like refinery decarbonization at the Galp Sines project and e-fuel production in Spain confirm that industrial demand is the central pillar supporting the current wave of giga-scale green hydrogen development.

Global Scale, Saudi Arabia’s 2 GW NEOM Project Leads Giga-Project Execution

The geographic distribution of these top 10 projects demonstrates a truly global push for green hydrogen, though clear regional leaders in execution are emerging. The Middle East, particularly Saudi Arabia with its over 2 GW NEOM project, is setting the pace for construction and operational readiness. Central Asia is making a significant entry with the 2 GW ammonia project in Uzbekistan, while Australia’s 1.4 GW green iron facility signals its ambition to become a major green commodity exporter. Africa shows immense potential with multiple gigawatt-scale projects announced, including the 1.2 GW Coega project in South Africa. In Europe, countries like Portugal (Galp), Spain (Hy Berus), and the Netherlands are advancing with multi-hundred-megawatt facilities, driven by strong policy support. The United States is represented by the technologically significant ACES Delta project in Utah, a model for large-scale energy storage. This global spread indicates widespread recognition of green hydrogen’s role, but execution progress remains concentrated in regions with robust industrial partnerships and supportive government frameworks.

Hydrogen Project Pipeline Surges 360%

This chart illustrates the rapid growth in the global project pipeline, underscoring the ‘truly global push’ and the emergence of regional leaders like the Middle East as discussed in the section.

(Source: POWER Magazine)

2 GW, Plug Power’s PEM Electrolyzer Deal Signals Technology Scaling

These projects reveal the commercial maturity and scaling of two principal electrolyzer technologies: Alkaline Water Electrolysis (AWE) and Proton Exchange Membrane (PEM) Electrolysis. AWE technology, supplied by leaders like Thyssenkrupp Nucera and Hydrogen Pro, has been selected for the largest industrial-scale projects, including NEOM (over 2 GW), PGS Green Iron (1.4 GW), and ACES Delta (220 MW), underscoring its proven reliability for massive, continuous operations. Simultaneously, PEM technology is being scaled aggressively by players like Plug Power, which secured a monumental 2 GW supply deal in Uzbekistan and successfully installed a 100 MW system at the Galp refinery. The ability of both technologies to secure contracts for projects ranging from 100 MW to over 2 GW demonstrates they have reached the manufacturing scale and performance levels required to support the gigawatt-era of green hydrogen. The strategic positioning of companies like Topsoe, focusing on specialized tech like SOEC, suggests a market bifurcation between high-volume suppliers and high-value technology licensors.

Electrolyzer System Costs Falling Sharply

This chart’s projection of falling costs for both Alkaline and PEM systems visually confirms the ‘commercial maturity and scaling’ of the two principal electrolyzer technologies detailed in the text.

(Source: pv magazine USA)

Plug Power’s 2 GW Supply Contract and Future Market Consolidation (2025-2026)

Looking ahead, the single most critical expectation is a market consolidation around electrolyzer manufacturers that demonstrate proven bankability and the ability to deliver complex, large-scale systems on schedule. If the extensive global pipeline of announced projects continues to face headwinds from high renewable energy costs and financing challenges, a stark bifurcation will occur between projects that proceed to operation and those that are delayed or cancelled. The key signal to watch is which of these announced multi-gigawatt projects successfully reach a final investment decision (FID), as this will separate credible ventures from speculative ambition.

• Execution as the primary metric: Projects that are physically under construction or nearing completion, such as NEOM (90% complete by March 2026) and ACES Delta (all electrolyzers installed by February 2026), are setting the industry benchmark. Their successful commissioning and operation will de-risk the sector and build crucial investor confidence for the next wave of projects.
• Manufacturing scale as a competitive moat: The ability of Plug Power to supply a 2 GW deal and Thyssenkrupp Nucera to secure a 1.4 GW agreement confirms that only companies with a robust, scaled-up manufacturing footprint can compete for these megaprojects. This creates a significant barrier to entry and will drive consolidation.
• Strategic divergence in technology plays: While Alkaline and PEM technologies are dominating the large-volume supply contracts, the strategic positioning of technology licensors like Topsoe indicates a different path. Their focus on high-efficiency technologies like SOEC for specialized applications (e.g., e-fuels) positions them in a potentially higher-margin, lower-volume niche, suggesting the market can support both mass manufacturers and specialized technology enablers.

High Costs Remain Key Market Restraint

This chart identifies the market drivers and restraints, directly supporting the section’s analysis that ‘high renewable energy costs and financing challenges’ will drive future market consolidation.

(Source: Coherent Market Insights)

The questions your competitors are already asking

This report covers one angle of the giga-scale electrolyzer market’s shift from announcements to execution. The questions that matter most depend on your work.

• Which electrolyzer OEMs like Plug Power and Thyssenkrupp Nucera are gaining ground in the megaproject market, and which like Topsoe are retreating?
• What is the actual deployment status of the ACES Delta and NEOM giga-projects, and are they on track for their 2025-2026 targets?
• How does PEM (Plug Power) compare to Alkaline (Thyssenkrupp Nucera) for supply chain reliability and performance at the GW-scale?

This report does not answer these. Enki Brief Pro does.

Your question, your angle, your framework. SWOT, PESTL, scenario modelling. The same niche depth, built around the decision your work actually depends on.

Run your first brief in Enki Brief Pro