A $1.6 billion loan for Plug from the US government

Plug loan US government
A $1.6 billion loan for Plug from the US government

Plug has received a loan guarantee of up to $1.66 billion from the US Department of Energy (DOE) to finance the development of six green hydrogen production facilities.

This is good news for Plug. The production facilities, which will be selected by the DOE, will be built across the country. They will supply large companies, including Plug’s existing customers, with low-carbon, green hydrogen made in America. The generated hydrogen will be used in applications in the handling, transport and industrial sectors.

“Green hydrogen is an essential driver of industrial decarbonization in the United States,” stated Andy Marsh, Plug Power CEO. He then added: “Earlier this year, Plug successfully demonstrated our innovation and technical ability by launching the first commercial-scale green hydrogen plant in the country in Woodbine, Georgia. This loan guarantee will help us build on that success with additional green hydrogen plants.”

The DOE’s support for Plug’s projects is a significant step forward in the United States’ commitment to the development of hydrogen on a large scale. The group’s green hydrogen production plants use the company’s electrolyser fuel cells, manufactured at its cutting-edge gigafactory in Rochester in New York, and hydrogen liquefaction and storage systems designed at its plant in Houston.

You can read the press release here.

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Article written by Laurent Meillaud and translated by Mariem Ben Tili

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About the author

Laurent Meillaud

Laurent Meillaud

Freelance automotive journalist and consultant, author as well, focused on technologies and new trends for more than 30 years, convinced that hydrogen is one of the energies for the future.

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