Plug Power Inc. has closed a $1.66 billion loan guarantee from the U.S. Department of Energy's (DOE) loan programs office (LPO). This loan guarantee will help finance the construction of up to six projects to produce and liquefy zero* or low-carbon hydrogen at scale throughout the United States. Plug's Graham, Texas, green hydrogen plant is the first beneficiary of this financing and is expected to create hundreds of high-quality jobs.
The company's current hydrogen generation network, with plants in Woodbine, GA, Charleston, TN, and St. Gabriel, LA, has a liquid hydrogen production capacity of approximately 45 tons per day.
Plug Power Inc. is focused on building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation. The company has deployed more than 69,000 fuel cell systems and over 250 fueling stations, making it the largest buyer of liquid hydrogen globally. Additionally, Plug Power Inc. is planning to operate a green hydrogen highway across North America and Europe and is developing multiple green hydrogen production plants targeting commercial operation by the year-end 2028.
The loan guarantee from the DOE represents a significant step in the expansion of Plug Power Inc.'s domestic manufacturing and hydrogen production capabilities, aligning closely with national security interests and supporting the resilience of the U.S. energy grid. CEO Andy Marsh emphasized that the hydrogen economy is strengthening America's energy independence and securing U.S. leadership in clean energy innovation. Following these announcements, the company's shares moved -7.0%, and are now trading at a price of $2.55. For more information, read the company's full 8-K submission here.
