Plug Power has secured a $1.66bn loan guarantee from the US Department of Energy (DOE) for the development of up to six green hydrogen production facilities.
The loan guarantee was awarded from the DOE’s Loan Programmes Office (LPO) in support of President Biden’s ambition to drive US manufacturing and innovation and build a clean energy economy.
Each of the sites will be selected for financing in accordance with procedures set by the DOE. Plug’s projects under the loan will also adhere to the Biden Administration’s Justice 40 Initiative.
Andy Marsh, CEO of Plug Power, said, “The loan guarantee will prove instrumental in growing and scaling Plug’s current green hydrogen generation network, which now has a liquid hydrogen production capacity of approximately 25 tonnes per day.”
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