US hydrogen company Plug Power has abandoned plans to invest up to €400 million in a green hydrogen plant at the Port of Antwerp, according to De Tijd.
The investment was announced in 2022 during an economic mission to New York. A year later, Flanders Investment & Trade named Plug Power its foreign investor of the year.
The company had planned to invest between €350 million and €400 million in what was intended to become Belgium’s largest green hydrogen plant. The facility was due to be built by 2025 at the NextGen site in the Port of Antwerp.
However, the project has now been shelved, according to recently filed documents. Plug Power recorded a full impairment of €13.6 million on assets under construction in Antwerp.
In notes to its 2024 annual accounts, approved in March, the company said the decision reflected uncertainty over the project’s economic viability and the risks and uncertainties that could affect the future development of the assets.
Plug Power said future profitability and developments in the hydrogen market were too uncertain.
According to Port of Antwerp-Bruges, the company still holds a 30-year concession for the port site. In the notes to its annual accounts, Plug Power said it would consider alternative uses for its assets.
The port authority added that an option involving smaller production volumes has not yet been definitively ruled out.
