You could say that the Protestant Reformation made European expansion to the Americas possible, if by that you mean expansion by English and Dutch adventurers in North America. Recall that the Catholic Spanish empire was established in what we now call Latin America by the time Martin Luther nailed his theses to the cathedral door in Wittenberg in 1517. The English and Dutch followed the Spanish into the Caribbean and then into the American continent a century later, and the French then followed as well.
Good historians aren't obsessed with counterfactuals ("what-ifs"), but you must recognize things might have been different without the Reformation. Would Henry VIII of England have abetted persecution of Catholics or dispossessed the monasteries there, which set off cycles of religious intolerance that drove the Puritans to North America in the seventeenth century? Perhaps not. Would there have been a struggle for control of the Low Countries and a War of Spanish Succession without pressure from the mostly Lutheran and Calvinist German principalities, which drove Dutch merchants to Manhattan at the same time? Maybe.
The most important effect of the Reformation on European expansion was probably the fact that it happened at all. In general, after the Reformation, European societies became better organized, wealthier, and more productive. That's true of almost all Protestant societies, and it's true of a few Catholic ones, so you can't really say Protestantism makes people richer or more efficient, but the general effect is clear. The Reformation was an episode in a political, social, and economic transformation centuries long, rather than a cause of anything itself.
The particular events and personalities involved in it produced specific effects, though, and one of these may have been to catalyze England and Holland, the two most radical Protestant societies in Europe at the time, to expand into the Americas.