🇫🇮 Plug receives $1.66 billion conditional commitment loan guarantee for green hydrogen development pipeline

May 17, 2024
347
Plug Receives $1.66 Billion Conditional Commitment Loan Guarantee for Green Hydrogen Development Pipeline
Plug’s Liquid Green Hydrogen Production Plant in Georgia, USA. Credit: Plug Power

Plug Power Inc. received a conditional commitment for an up to $1.66 billion loan guarantee from the Department of Energy’s (“DOE”) Loan Programs Office (“LPO”) to finance the development, construction, and ownership of up to six green hydrogen production facilities.

The production facilities, which will be selected for financing in accordance with procedures to be set forth in definitive documentation with DOE, will be built across the nation and supply major companies, including Plug’s existing customers, with low-carbon, made-in-America green hydrogen. The hydrogen generated will be used in applications in the material handling, transportation, and industrial sectors.

“Green hydrogen is an essential driver of industrial decarbonization in the United States,” said Plug Power CEO Andy Marsh. “Earlier this year, Plug successfully demonstrated our innovation and technical ability by launching the first commercial-scale green hydrogen plant in the country in Woodbine, Georgia, USA. This loan guarantee will help us build on that success with additional green hydrogen plants.”

Marsh added, “We appreciate the partnership with the DOE Loan Programs Office and are pleased to have worked through an intensive due diligence process. The loan guarantee will prove instrumental to grow and scale not only Plug’s green hydrogen plant network, but the clean hydrogen industry in the United States.”

Plug, the leading commercial-scale manufacturer of electrolyzers, currently operates the largest proton exchange membrane (PEM) electrolyzer system in the United States at its Woodbine, Ga., hydrogen plant. Plug’s current green hydrogen generation network now has a liquid hydrogen production capacity of approximately 25 tons per day.

Plug’s green hydrogen production plants utilize the company’s own electrolyzer stacks manufactured at its state-of-the-art gigafactory in Rochester, NY, and Plug’s liquefaction and hydrogen storage systems engineered at its facility in Houston.


Originally published on 14 May by BotH2nia.

Announcements are published as a service to readers. The sender is responsible for all content.

Announcements for publication can be submitted to [email protected].