Plug Power produces liquid green hydrogen at its plant in Georgia. (Source: Plug Power)
Green hydrogen company Plug Power Inc. received a $1.66 billion loan guarantee from the U.S. Department of Energy’s Loan Programs Office to finance development and construction of up to six green hydrogen production facilities, the company said May 14.
New York-based Plug said the production facilities will be built across the U.S. and supply low-carbon hydrogen to major companies for use in the material handling, transportation and industrial sectors. The company called the conditional commitment a “significant milestone.”
“Green hydrogen is an essential driver of industrial decarbonization in the United States,” Plug Power CEO Andy Marsh said in a news release. “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.”
As part of the loan requirements, Plug’s project will adhere to the Biden administration’s Justice 40 Initiative, including gathering input from local labor, workforce and economic development organizations as well as first responder and non-profit organizations, Plug said in the release. In addition, 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.”
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