DOE intends to award hydrogen company $1.66B loan guarantee

By Christian Robles | 05/15/2024 06:58 AM EDT

Plug Power, a major producer of “green” hydrogen fuel and technology, will have to meet certain legal requirements before it receives the loan guarantee.

The Department of Energy headquarters.

The Department of Energy headquarters is seen in Washington on Sept. 16, 2022. Francis Chung/POLITICO

The Energy Department Loan Program Office announced it plans to award Plug Power — a major “green” hydrogen company — a $1.66 billion loan guarantee for the construction of up to six production facilities across multiple states.

Plug’s six facilities are expected to produce low-carbon fuel for fuel cell vehicles used in material handling, transportation and industrial applications.

The green hydrogen — which will be made with electricity — is expected to reduce greenhouse gas emissions by about 84 percent compared to conventional “gray” hydrogen made with natural gas, according to the LPO office. The six facilities are each expected to produce at least 50 full-time jobs once completed, along with up to 300 construction jobs.

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“The loan guarantee will prove instrumental to grow and scale not only Plug’s green hydrogen plant network, but the clean hydrogen industry in the United States,” said Plug Power CEO Andy Marsh in a press release.

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