Plug Power Secures $1.66 Billion Loan to Develop Green Hydrogen Projects in US

Plug Power receives a USD 1.66 billion conditional commitment loan guarantee from the Department of Energy to develop six green hydrogen projects in the United States. The loan guarantee will boost Plug’s green hydrogen plant network across the United States, driving rapid advancement of the hydrogen economy. Plug Power will use this loan for the development, construction, and ownership of up to six green hydrogen production facilities.

The production facilities will supply major companies, including Plug’s existing customers, with low-carbon, made-in-America green hydrogen. The hydrogen generated will be used in applications in the material handling, transportation, and industrial sectors.

“Green hydrogen is an essential driver of industrial decarbonization in the United States,” said Plug Power CEO Andy Marsh. He also highlighted that recently, the company launched its first commercial-scale green hydrogen plant in the country in Woodbine, Georgia.

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​Plug, the leading commercial-scale manufacturer of electrolyzers, currently operates the largest proton exchange membrane (PEM) electrolyzer system in the United States at its Woodbine, Ga., hydrogen plant. Plug’s current green hydrogen generation network now has a liquid hydrogen production capacity of approximately 25 tons per day.

Plug’s green hydrogen production plants utilize the company’s own electrolyzer stacks manufactured at its state-of-the-art gigafactory in Rochester, New York, and Plug’s liquefaction and hydrogen storage systems are engineered at its facility in Houston.

DOE’s support for Plug’s green hydrogen projects represents a major milestone in the U.S.’s commitment to advance the development of large-scale hydrogen production, processing, delivery, and storage. It also underscores the application of green hydrogen to help meet decarbonization goals across multiple sectors of the economy.

Plug’s projects under the loan will adhere to the Biden Administration’s Justice 40 Initiative. This process includes gathering input from local labor, workforce, and economic development organizations, in addition to first responders and non-profit organizations. The plants are expected to create good-paying jobs accessible to a diverse talent supply and help develop workforce skills needed to drive the transition to a clean energy economy.

Benefits of Securing The Loan Guarantee

The loan guarantee will accelerate the development of the hydrogen economy by expanding Plug's network of green hydrogen plants in the United States. Plug Power will use this loan to build and develop as many as six renewable hydrogen production facilities. 

About Plug

Plug Power is involved in building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. The company is creating the first commercially viable hydrogen fuel cell market.The company has deployed more than 69,000 fuel cell systems and over 250 fueling stations. The company plays a pivotal role in the global electrolyser market.

With plans to operate a green hydrogen highway across North America and Europe, Plug built a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and is developing multiple green hydrogen production plants targeting commercial operation by year-end 2028. Plug delivers its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications.

Read: Green Energy Park and Eletrobras Form a Joint Venture for the 10 GW Green Hydrogen Project in Brazil

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