Plug Power has fought strict federal guidelines for clean hydrogen tax credits. Now it's securing federal backing to scale up its U.S. produ
Summary of this story from Canary Media from Heatmap AM:
The Department of Energy yesterday offered Plug Power a conditional commitment of $1.66 billion in loan guarantees to build up to six clean hydrogen plants that use the company’s electrolyzer technology. The hydrogen would “power fuel cell-electric vehicles used in the material handling, transportation, and industrial sectors, resulting in an estimated 84% reduction in greenhouse gas emissions compared to conventional hydrogen production,” the DOE announcement said. Most hydrogen production uses fossil fuels to run an electrolyzer that splits water into hydrogen and oxygen. But clean hydrogen relies on electrolyzers powered by renewable sources – or natural gas with carbon capture. The Biden administration sees clean hydrogen as a key part of its push to decarbonize heavy industry. The deal isn’t done yet – Plug will have to prove its projects will benefit local communities and “satisfy certain technical, legal, environmental, and financial conditions” before the loan goes ahead. But the news sent Plug’s stock soaring nonetheless.
