Clean Energy | May 15, 2024

Plug Power secures a $1.7 billion loan guarantee to develop clean hydrogen facilities

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

Plug Power is a leading manufacturer of electrolyzers, which split water in hydrogen and oxygen and are used for clean hydrogen power production. The company’s modular stacks are designed to run on renewable sources of electricity to produce emissions-free hydrogen.

A $1.7 billion conditional loan guarantee from the US Department of Energy’s Loan Programs Office will help the Latham, NY-based company build six new hydrogen production facilities in the US. The loan “will support an integrated and resilient commercial scale clean hydrogen fueling network across several regions of the United States,” the LPO’s Jigar Shah said in a statement.

Plug Power is working on a Community Benefits Plan for local engagement on facility siting. Each location is expected to create 100 to 300 construction jobs and 50 full-time jobs on-site. 

Green hydrogen investments

Massachusetts-based Electric Hydrogen last week inked $100 million in credit from HSBC, JP Morgan, Stifel Bank and Hercules Capital to build its 100-megawatt electrolyzer plants. The company has also secured funding from the US DOE.

In Australia, Hysata raised $111 million in Series B equity financing led by bp Ventures and Templewater to expand its electrolyzer manufacturing facility in the town of Wollongong, New South Wales. The company is aiming to boost manufacturing capacity to a gigawatt.