Plug Power Snags $1.7 Billion DOE Loan Guarantee For Hydrogen Plants

Alan Ohnsman | Source: Forbes | Posted 01/18/2025

Keyword Tags:

Plug Power, which makes fuel cells and electrolyzers that generate carbon-free hydrogen from water and electricity, got a $1.66 billion loan guarantee from the Energy Department to construct large-scale hydrogen plants aimed at supplying industrial customers and to power non-polluting forklifts.

AI generated summary

Plug Power secured a $1.66 billion loan guarantee from the Energy Department to build hydrogen plants in the U.S., with the first plant in Graham, Texas, expected to produce 45 tons of fuel per day using renewable energy sources. CEO Andy Marsh sees the loan as a way to support customers with cost-effective hydrogen and attract private equity investors to finance future projects, as the company aims to expand hydrogen availability nationwide.

The funding comes amid increased cleantech investments by the Biden Administration, which focuses on advancing various energy technologies to reduce greenhouse gas emissions under the Bipartisan Infrastructure Law. Plug Power supplies hydrogen to companies like Amazon and Walmart for emission-free forklifts, and with growing interest in green hydrogen for ammonia production and cleaner aviation fuel, the company anticipates continued support for hydrogen under the new administration's energy strategy.

Link to Original Article

Please find the link to the full article below. (Please note that content provider might require a paid subscription)

Source Link: https://www.forbes.com/sites/alanohnsman/2025/01/16/plug-power-snags-17-billion-doe-loan-guarantee-for-hydrogen-plants/?ss=energy

Create a free trial account: Sign Up

Grid monitor is free to try. No credit card required

Plug Power Snags $1.7 Billion DOE Loan Guarantee For Hydrogen Plants

AI generated summary

Link to Original Article

Create a free trial account: Sign Up

Already have an account? Login