Core Insights - BP's Castellon refinery in Spain will receive 25 MW of PEM electrolyzer systems from Plug Power as part of a joint venture with Iberdrola aimed at reducing carbon emissions through green hydrogen integration [1][2][3] - The project is expected to cut 23,000 tons of CO2 emissions annually and produce 2,800 tons of green hydrogen, enhancing sustainability and aligning with global climate goals [3][4] - Plug Power's involvement highlights its growing influence in the green hydrogen sector, with potential future expansion up to 2 gigawatts of electrolysis capacity [5][6][7] Company Performance - BP shares have underperformed the industry, declining 12.1% over the past six months compared to the industry's 1.1% decline [8] - BP currently holds a Zacks Rank 5 (Strong Sell), while Delek Logistics Partners, a competitor, has a Zacks Rank 1 (Strong Buy) with an expected earnings growth rate of 5.6% for the current year [10][11]
BP's Castellon Refinery to Implement 25MW Green Hydrogen System