Plug Power Inc. a global leader in complete solutions for the green hydrogen economy, has received a conditional commitment for a loan guarantee of up to $1.66 billion from the U.S. Department of Energy’s (DOE) Office of Loan Programs. This sum will finance the development, construction and ownership of up to six green hydrogen production facilities across the country. These facilities will produce low-carbon hydrogen, manufactured in the USA, for major customers, including Plug’s existing customers, in the materials handling, transportation and industrial sectors.
Production capacity and technical expansion
Plug’s currentgreen hydrogen network has a liquid hydrogen production capacity of around 25 tonnes per day. Plug’s hydrogen production plants use the electrolytic cells it manufactures at its state-of-the-art gigafactory in Rochester, NY, and hydrogen liquefaction and storage systems designed in Houston. The DOE’s support for Plug’s green hydrogen projects marks an important step in the United States’ commitment to developing large-scale hydrogen production.
Strategic importance and collaboration with DOE
Andy Marsh, CEO of Plug, underlines this:
“Green hydrogen is a key driver of industrial decarbonization in the U.S.”.
The loan guarantee will enable Plug to expand its network of green hydrogen plants, contributing to the country’s clean hydrogen industry.
“Earlier this year, Plug successfully demonstrated our innovation and technical capability by launching the country’s first commercial-scale green hydrogen plant in Woodbine, Georgia. This loan guarantee will help us build on that success with other green hydrogen plants.”
Close collaboration with DOE’s Office of Loan Programs through an intensive due diligence process demonstrates commitment to the growth and scale of the clean hydrogen industry.
“We appreciate the partnership with DOE’s Office of Loan Programs and are pleased to have worked through an intensive due diligence process. The loan guarantee will be critical to developing and expanding not only Plug’s network of green hydrogen plants, but also the clean hydrogen industry in the United States.”
The DOE’s commitment to the Plug Power project underlines a significant step forward in ambitions for clean hydrogen production, reinforcing decarbonization objectives in various economic sectors. As part of the Biden administration’s Justice 40 initiative, this project also promises to create quality jobs and develop the skills needed for the transition to a clean energy economy.
