The Biden-Harris administration has secured a $1.66 billion loan guarantee for Plug Power in a final push to support the hydrogen economy before Donald Trump takes office on Monday. This funding, approved by the Department of Energy (DOE), will finance up to six large-scale hydrogen production and liquefaction projects in the United States.

“This initiative not only reduces carbon emissions and strengthens the resilience of the US energy grid but also aligns with national security interests by keeping the US at the forefront of global energy technology innovation,” said Andy Marsh, CEO of Plug Power. His comments appear to indirectly address the incoming administration, as Trump has signalled a focus on reviving the oil and gas industry. Meanwhile, Elon Musk, a vocal critic of hydrogen technology, remains a prominent ally of Trump.

In its final days, the DOE also updated its report on clean hydrogen, underscoring the administration’s commitment to alternative energy. Last November, the Biden-Harris administration allocated $2.2 billion to fund two hydrogen hubs: Gulf Coast H2Hub and Midwest H2Hub. These initiatives aim to catalyse the hydrogen economy and provide a buffer for renewable energy projects, which may face uncertainty under the new administration.

This last-minute support reflects the outgoing administration’s strategy to solidify progress on clean energy and ensure hydrogen technology maintains momentum despite the upcoming political shift.

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