Plug Power has secured a $1.66 billion loan guarantee from the U.S. Department of Energy to construct large-scale hydrogen plants, supporting industrial customers and non-polluting forklifts. The company plans to build up to six U.S. facilities, including a green hydrogen plant in Graham, Texas, which will produce 45 tons of fuel daily using wind power and benefit from a $3 per kilogram hydrogen production tax credit. CEO Andy Marsh sees this funding as a catalyst to attract private equity and further scale hydrogen production, likening its financing model to solar and wind projects. While the Biden Administration has prioritized cleantech under the Bipartisan Infrastructure Law and Inflation Reduction Act, the future of such support under a potential Trump administration remains uncertain. However, Marsh remains optimistic about bipartisan support for hydrogen due to its alignment with energy security, job creation, and competition with China, particularly in Republican-majority states hosting Plug's projects. Continue here.
