Plug Power Receives $10 Million Grant to Scale HYPER-Fuel Project in Washington
Key Ideas
  • Plug Power secured a $10 million grant from the U.S. Department of Energy to expand its HYPER-Fuel project, focusing on advanced hydrogen refueling infrastructure.
  • The project in Pullman, Washington, will feature cutting-edge technology to support heavy-duty vehicles with fueling rates over 8 kg/min and various hydrogen options.
  • This initiative is part of a larger DOE investment in clean hydrogen technologies across 15 states, aiming to enhance hydrogen fueling infrastructure and deployment processes.
  • Investors can engage in Plug Power's advancements through stock options like Global X Hydrogen ETF HYDR and ETF Series Solutions Defiance Next Gen H2 ETF HDRO.
Plug Power, Inc., has been awarded a $10 million grant from the U.S. Department of Energy to expand its HYPER-Fuel project, which focuses on developing advanced hydrogen refueling infrastructure for medium and heavy-duty vehicles. The project involves the creation of liquid-to-gaseous and cryogenic dispensing hydrogen refueling stations. Plug Power will be responsible for engineering, construction, operation, and training as part of the grant deal. This funding is a segment of the DOE's $62 million investment in 20 projects spanning 15 states to propel next-generation clean hydrogen technologies forward. The project in Pullman, Washington, is set to construct a hydrogen fueling station operational by 2026, showcasing state-of-the-art technologies. The station will cater to heavy-duty vehicles with fueling rates exceeding 8 kg/min, a daily capacity of over 2 tonnes, and various pressurized hydrogen options. The strategic location in Pullman is in line with the Pacific Northwest H2 Hub and Washington State's 2035 zero-emission vehicle mandate. This model is envisioned to be replicated nationwide to meet refueling demands and boost hydrogen fuel cell utilization. Plug Power's receipt of the grant aligns with its previous recognition, having garnered nine DOE awards this year for Clean Hydrogen Electrolysis, Manufacturing, and Recycling under the Bipartisan Infrastructure Law. Investors can partake in Plug Power's advancements through stock options like Global X Hydrogen ETF HYDR and ETF Series Solutions Defiance Next Gen H2 ETF HDRO. As of the latest update, Plug Power shares are trading slightly lower at $1.735. This initiative underscores Plug Power's commitment to advancing the green hydrogen economy and fostering sustainable transportation solutions.
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