Plug Closes U.S. Department of Energy Loan Guarantee
Loan guarantee supports construction of Plug’s national hydrogen production plant
Plug’s Graham, Texas, factory first recipient of loan guarantee
SLINGERLANDS, NY, January 16, 2025 (GLOBE NEWSWIRE) — Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, has closed a $1 loan guarantee .66 billion dollars from the US Department of Energy. (DOE) Loan Programs Office (LPO).
“Finalizing this loan guarantee with the Department of Energy represents an important step in expanding our domestic hydrogen manufacturing and production capabilities, which create many high-quality jobs across the United States ” said Andy Marsh, CEO of Plug. “In addition to reducing carbon emissions and improving the resilience of the U.S. energy grid, we believe the hydrogen economy is closely aligned with national security interests, ensuring that the United States remains at at the forefront of the development and deployment of energy technologies on a global scale. »
The loan guarantee will help finance the construction of up to six projects to produce and liquefy zero- or low-carbon hydrogen on a large scale across the United States. Plug’s green hydrogen plant in Graham, Texas, the first to receive this funding, will create hundreds of high-quality jobs. Powered by an adjacent wind farm, Plug’s green hydrogen production plant will use the company’s electrolyzer stacks manufactured at its Rochester, N.Y., plant and its liquefaction and storage constructed at its Houston facilities.
The hydrogen economy strengthens America’s energy independence and ensures American leadership in clean energy innovation. Most importantly, the industry is a critical step toward strengthening the resilience of our energy network and reducing dependence on foreign energy sources. By aligning with national security priorities, this initiative ensures that the United States remains a global leader in advanced energy technology and economic growth.
Plug’s current hydrogen production network, with plants in Woodbine, Georgia, Charleston, Tennessee, St. Gabriel and Louisiana, has a liquid hydrogen production capacity of approximately 45 tons per day .
About the socket
Plug is building an end-to-end green hydrogen ecosystem, from production, storage and delivery to energy generation, to help its customers achieve their business goals and decarbonize the economy. Creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 69,000 fuel cell systems and more than 250 fueling stations, more than anyone in the world, and is the most large buyer of liquid hydrogen.
With plans to operate a green hydrogen highway across North America and Europe, Plug has built a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and is developing several hydrogen production plants. green hydrogen planned for commercial operation by the end of 2028. its green hydrogen solutions directly to its customers and through joint venture partners in multiple environments including material handling, e-mobility, electricity production and industrial applications.
For more information, visit www.plugpower.com.
Security port
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties regarding Plug, including, but not limited to, statements about Plug’s expectations that loan guarantee will support hydrogen construction across the United States; the hope that Plug’s hydrogen plants will be completed and lead to job creation; Plug’s ability to satisfy the conditions of the loan guarantee and to call upon the loan guarantee; the hope that Plug will benefit from the loan guarantee and develop its domestic hydrogen manufacturing and production capabilities; and the hope that Plug’s hydrogen plants will reduce carbon emissions, improve the resilience of the U.S. energy grid, and strengthen America’s energy independence. You are cautioned that these statements should not be construed as a guarantee of future performance or results because such statements are subject to risks and uncertainties. Actual performance or results may differ materially from those expressed in such statements due to various factors, including, but not limited to, the following: the risk that Plug’s ability to achieve its business objectives and continue to fulfilling its obligations depends on its ability to maintain a certain level of liquidity, which will depend in part on its ability to manage its cash flows; the risk that funding of its loan guarantee from the Department of Energy will be delayed and the risk that Plug will not be able to satisfy all technical, legal, environmental or financial conditions acceptable to the Department of Energy to receive the entire loan guaranteed; the risk that Plug may continue to incur losses and never achieve or maintain profitability; the risk that Plug will not be able to raise additional capital to finance its operations and that such capital will not be available to Plug on favorable terms, if at all; the risk that Plug will not be able to expand its business or effectively manage its future growth; the risk that global economic uncertainty, including inflationary pressures, interest rate fluctuations, currency fluctuations, increased tariffs and supply chain disruptions, could negatively impact its operating results; the risk that Plug will not be able to obtain from its hydrogen suppliers a sufficient supply of hydrogen at competitive prices or the risk that Plug will not be able to produce hydrogen internally at competitive prices; the risk that delays in achieving or failing to achieve its product and project development objectives could harm its revenues and profitability; the risk that its estimated future revenues are not representative of actual future revenues or profitability; the risk of elimination, reduction or modification of eligibility criteria for government subsidies and economic incentives for alternative energy products, including the Inflation Reduction Act and its qualification to use the PTC; and the risk that Plug will not be able to manufacture and market products on a profitable and large-scale commercial basis. For a more detailed description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Plug’s business generally, see Plug’s public filings with Securities and Exchange Commission, including the “Risk Factors” section of Plug’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023. 2024, June 30, 2024 and September 30, 2024, as well as any subsequent filings. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are made as of the date hereof and are based on current expectations, estimates, forecasts and projections and the beliefs and assumptions of management. Plug undertakes no obligation to update any forward-looking statements, except as required by law.
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Source: Plug Power, Inc.
