Hydrogen energy company Plug Power has finalized a loan guarantee from the U.S. Department of Energy worth nearly $1.7 billion, company officials announced.
Funding Six Projects
The $1.66 billion in funding, awarded by the department’s Loan Programs Office, will go toward as many as six Plug Power construction projects across the U.S. that will produce and liquefy hydrogen with little to no carbon dioxide emissions.
The company said that in addition to reducing the U.S.’s carbon output, the expansion of its hydrogen operations would improve the nation’s grid resilience, energy independence, and innovation ecosystem.
Adding Jobs in North Texas
Plug executives said the first plant to benefit from the financing will be its green hydrogen plant in Graham, Texas. The company said the facility, powered by a neighboring wind farm, is expected to add “hundreds” of jobs.
The Graham project will also benefit Plug’s locations in Houston and upstate New York, which make the plant’s liquefaction and storage systems and its electrolyzer stacks, respectively.
An "End-to-End” Hydrogen Ecosystem
Plug says it hopes to build an “end-to-end” green hydrogen ecosystem — spanning production through storage to delivery and, ultimately, to the production of energy.
The company’s current hydrogen production network includes plants in Georgia, Louisiana, and Tennessee.
Image credit: T. Schneider/Shutterstock
