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Plug Power bags $1.66 bn loan from US DoE for up to six green hydrogen projects

Image for representation purposes only. Source: Plug Power

Hydrogen solutions firm Plug Power recently secured a conditional commitment of $1.66 billion loan guarantee from the United States Department of Energy's (DOE) Loan Programs Office (LPO) to finance the development, construction, and ownership of up to six green hydrogen production facilities in the country. 

The production facilities are aimed at serving the company's existing and new customers with low-carbon, locally-made green hydrogen in the US. The hydrogen generated will be used in applications in the material handling, transportation, and industrial sectors, according to the company. 

The loan guarantee will bolster the buildout of Plug's green hydrogen plant network across the United States, driving rapid advancement of the hydrogen economy, adds Plug Power. 

Andy Marsh, CEO of Plug Power, commented on the development, "Green hydrogen is an essential driver of industrial decarbonization in the United States. 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. This loan guarantee will help us build on that success with additional green hydrogen plants"

"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", Marsh added. 

Plug Power currently operates the largest proton exchange membrane (PEM) electrolyzer system in the United States at its Woodbine, Georgia hydrogen plant. The company's H2 generation network has a liquid hydrogen production capacity of approximately 25 tons per day.

The projects will use electrolyzer stacks manufactured at Plug Power's state-of-the-art gigafactory in Rochester, New York, with the liquefaction and hydrogen storage systems sourced from Houston.

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Author : Dhiyanesh Ravichandran
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