Plug Power Secures $1.66B Loan Guarantee for Green Hydrogen Plants Expansion
Key Ideas
- Plug Power closed a $1.66 billion loan guarantee to build six green hydrogen plants, starting in Graham, Texas, to produce up to 15 tons of liquid hydrogen per day.
- The company aims to provide zero-emission hydrogen to customers like Walmart and Amazon, contributing to reducing carbon emissions and combating climate change.
- Plug Power's green hydrogen production is seen as a significant step towards a sustainable energy future and has potential to drive profitability in the future.
- The Department of Energy loan guarantee is crucial for Plug Power to free up cash, support its green hydrogen infrastructure, and align with national security interests in energy technology advancement.
Plug Power, headquartered in Bethlehem, N.Y., has secured a $1.66 billion loan guarantee from the Department of Energy to build six new green hydrogen plants across the U.S. These plants, using electrolysis to extract hydrogen from water, aim to produce up to 15 tons of liquid hydrogen per day. With existing locations in Georgia, Tennessee, and Louisiana, Plug Power is expanding its green hydrogen production to offer zero-emissions hydrogen to customers like Walmart and Amazon, benefiting the environment by reducing carbon emissions. Despite currently operating at a loss, Plug Power's investment in green hydrogen production is expected to drive profitability in the future and contribute to combating climate change. The company's infrastructure development is supported by the DOE loan guarantee, crucial for freeing up cash and aligning with national security interests in energy technology advancement.
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