Plug Power (NASDAQ:PLUG) Secures $1.66 Billion Loan Guarantee from U.S. Department of Energy to Scale Hydrogen Production

Plug Power Inc. recently announced the closure of a significant financial deal, securing a $1.66 billion loan guarantee from the U.S. Department of Energy’s Loan Programs Office. This financing is intended to support the construction of up to six projects dedicated to producing and liquifying zero- or low-carbon hydrogen at scale across the United States.

According to the press release issued on January 16, 2025, the loan guarantee is a critical step for Plug Power in expanding its domestic manufacturing and hydrogen production capabilities. Plug Power CEO Andy Marsh highlighted the importance of this advancement, emphasizing its role in creating quality job opportunities within the U.S. and contributing to reducing carbon emissions while enhancing the resilience of the national energy grid.

The loan guarantee will aid Plug Power in the development of multiple projects targeted at producing and liquifying hydrogen on a large scale. The company’s plant located in Graham, Texas, is set to be the primary beneficiary of this financial support. The plant, powered by an adjacent wind farm, will utilize Plug’s electrolyzer stacks manufactured in Rochester, N.Y., and liquefaction and storage systems built in Houston. This initiative is expected to generate hundreds of high-quality job opportunities.

The move towards a hydrogen economy is seen as a crucial step in strengthening America’s energy independence, aligning with national security interests, and asserting U.S. leadership in clean energy innovation. Plug Power’s current hydrogen generation network, with plants in Woodbine, Ga., Charleston, Tenn., and St. Gabriel, LA, boasts a liquid hydrogen production capacity of approximately 45 tons per day.

Plug Power is actively involved in building an end-to-end green hydrogen ecosystem, focusing on production, storage, and delivery solutions to aid its customers in achieving their business objectives while contributing to decarbonizing the economy. To date, the company has deployed over 69,000 fuel cell systems and 250 fueling stations globally, positioning itself as a key player in the field.

Plug Power’s vision includes operating a green hydrogen highway across North America and Europe, bolstered by a state-of-the-art Gigafactory for electrolyzers and fuel cells. The company is also in the process of developing multiple green hydrogen production plants aiming for commercial operation by the end of 2028.

For more updates and information, interested individuals can visit Plug Power’s website at www.plugpower.com.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Plug Power’s 8K filing here.

Plug Power Company Profile

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.