Plug Power, an American company that specializes in hydrogen, has officially cancelled plans to build a green hydrogen plant at the Port of Antwerp, booking a loss of €13.6 million worth of assets due to uncertainty about the prospects of the fuel. This cancellation comes as a blow to what was once known as Belgium’s biggest green hydrogen plant.
A flagship project that never broke ground
The Antwerp project was set to be erected at the NextGen industrial site at the Port of Antwerp, and the plans called for Plug Power to invest somewhere between €350 million and €400 million in its erection and installation. It was reported in Belgian media that this project was set to become the largest plant for green hydrogen in Belgium with the initial aim to erect and start the operation of this plant in 2025.
In fact, Plug Power has booked a total value impairment of €13.6 million for “Fixed Assets Under Construction” related to the Antwerp project, making its development a dead end. The value impairment is registered in Plug Power’s 2024 annual accounts, which received approval only in March 2026.
Company rationale: “uncertainty about economic viability”
In its filings, Plug Power framed the decision as a response to shifting market conditions and risk. The company stated that
“this decision reflects the uncertainty regarding the economic viability of the project and takes into account the risks and uncertainties that could affect the future development of these assets.”
It added that
“the future profitability and the evolution of the hydrogen market are too uncertain”
to justify continuing with the Antwerp plant in its current form.
Without specifying any new buyer or timetable, Plug Power noted that it was exploring “alternative uses” for the company’s properties in Antwerp, thus leaving room for the option of the use of the site in some other way or a sale of a portion of the site facilities at some later date. At present, however, nothing is being built at the NextGen site.
Part of a wider pullback in large hydrogen projects
Plug Power’s cancellation of Antwerp is part of a trend towards the revision or cancellation of its ambitious plans for green-hydrogen production as the company tightens its finances. In August 2026, the U.S. Department of Energy withdrew Plug Power’s loan guarantee of $1.66 billion after the first drawdown deadline lapsed without any funding being disbursed, marking the withdrawal of a crucial source of funding for its various plants that were under consideration in the United States.
Plug Power has been trying to raise cash through the sale of land and infrastructural assets related to its hydrogen plants. It has managed to secure sales of land in Texas and New York to Stream Data Centers for at least $132.5 million.
In terms of finances, Plug Power reported total revenues of $178 million in the second quarter of 2026. At the same time, operating loss of the company decreased but still remained sizable, as well as net cash burn, estimated at $61 million in Q2. As of June 30, 2026, the company had about $162 million in cash and cash equivalents. Additionally, the company’s management expects additional assets sales to raise about $275 million in addition to those done already. Despite the retrenchment, there are still hydrogen projects ongoing for the company.
In particular, the final investment decision was made for the 30 MW Barrow green hydrogen project in the UK, while the 100 MW GenEco electrolyzer deployment with Galp in Portugal is in the final installation stages in early 2026. There are also operating U.S. facilities in Georgia, Tennessee, and Louisiana.
Implications for Belgium’s hydrogen ambitions
The Plug Power decision means a lot for Belgium, both symbolically and practically. Local media, such as De Tijd, GVA, and DHnet, have drawn attention to the failed deal worth between €350 million and €400 million and the lost chance to host the biggest green hydrogen facility in the country, while government officials are actively working to decarbonize industries in the Port of Antwerp.
In addition, the case illustrates a larger trend of slow-down or re-scope of many green-hydrogen mega projects due to high prices, low demand, and changes in subsidy and finance terms. In the United States, the cuts in grants for clean energy and cancellation of loans for companies like Plug and its competitors have added to the challenges for the development of big electrolyzers. For the time being, the project of NextGen in the Port of Antwerp is left without its key green hydrogen facility, while Plug Power concentrates on other projects.
