Plug closes USD-1.66bn loan guarantee deal with DOE
Plug Power Inc (NASDAQ:PLUG) has finalised its USD-1.66-billion (EUR 1.61bn) loan guarantee with the US Department of Energy (DOE), which will back its plan to build up to six additional green hydrogen production facilities at scale.The financing provided through DOE’s Loan Programs Office (LPO) represents a “significant step” in the expansion of Plug’s domestic manufacturing and hydrogen production capabilities, the company’s CEO Andy Marsh said on Thursday as he highlighted that the hydrogen economy aligns closely with national security interests.The first of the six projects to benefit from the DOE funds will result in the construction of a green hydrogen plant in Graham, Texas. The facility will be equipped with Plug’s electrolyser stacks and liquefaction and storage systems and will use electricity from a nearby wind farm.Plug’s CEO recently told Renewables Now that building the facility in Texas would allow the company to rely solely on its own hydrogen production to serve existing customers.Currently, Plug has hydrogen production plants in Georgia, Tennessee and Louisiana capable of producing about 45 tonnes on a daily basis.(USD 1.0 = EUR 0.972)
Plug Power Inc (NASDAQ:PLUG) has finalised its USD-1.66-billion (EUR 1.61bn) loan guarantee with the US Department of Energy (DOE), which will back its plan to build up to six additional green hydrogen production facilities at scale.
The financing provided through DOE’s Loan Programs Office (LPO) represents a “significant step” in the expansion of Plug’s domestic manufacturing and hydrogen production capabilities, the company’s CEO Andy Marsh said on Thursday as he highlighted that the hydrogen economy aligns closely with national security interests.
The first of the six projects to benefit from the DOE funds will result in the construction of a green hydrogen plant in Graham, Texas. The facility will be equipped with Plug’s electrolyser stacks and liquefaction and storage systems and will use electricity from a nearby wind farm.
Plug’s CEO recently told Renewables Now that building the facility in Texas would allow the company to rely solely on its own hydrogen production to serve existing customers.
Currently, Plug has hydrogen production plants in Georgia, Tennessee and Louisiana capable of producing about 45 tonnes on a daily basis.
(USD 1.0 = EUR 0.972)
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