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DOE Commits $1.66 Billion Loan Guarantee to Plug Power for Clean Hydrogen Production Facilities, Creating Jobs.

The U.S. Department of Energy (DOE) has committed to a $1.66 billion loan guarantee for Plug Power’s subsidiary, Plug Power Energy Loan Borrower, LLC, to finance the construction of up to six facilities across several states to produce clean hydrogen. The loan guarantee, if finalized, will support an estimated 100-300 jobs during the construction period when at full capacity, and at least 50 new full-time jobs for each location. This move is part of President Biden’s Investing in America agenda to create good-paying, high-quality job opportunities for American workers. The hydrogen fuel from the project is expected to 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.

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