Plug Power Specialists in comprehensive hydrogen solutions for the green hydrogen economy has closed a $1.66 billion loan guarantee from the US Department of Energy’s (DOE) Loan Programs Office (LPO).
The loan guarantee will help finance the construction of up to six projects to produce and liquify zero- or low-carbon hydrogen at scale throughout the United States. Plug’s Graham, Texas, green hydrogen plant, the first to benefit from this financing, will create hundreds of high-quality jobs.
Powered by an adjacent wind farm, Plug’s green hydrogen production plant will utilise the company’s electrolyser stacks manufactured at its factory in Rochester, N.Y., and its liquefaction and storage systems built at its facility in Houston.
“Finalising this loan guarantee with the Department of Energy represents a significant step in the expansion of our domestic manufacturing and hydrogen production capabilities, which create many high-quality jobs throughout the US” said Plug CEO Andy Marsh. “In addition to reducing carbon emissions and enhancing the resilience of the US energy grid, we believe the hydrogen economy aligns closely with national security interests, ensuring that the US remains at the forefront of energy technology development and deployment on a global scale.”
The hydrogen economy is strengthening America’s energy independence, and securing US leadership in clean energy innovation. Most importantly, the industry is a vital step toward bolstering the resilience of our energy grid and reducing reliance on foreign energy sources. By aligning with national security priorities, this initiative ensures the US remains a global leader in cutting-edge energy technology and economic growth.
Plug’s current hydrogen generation network, with plants in Woodbine, Georgia, Charleston, Tennessee, St. Gabriel, and Louisiana has a liquid hydrogen production capacity of approximately 45 tons per day.
