Plug Power to build up to six new hydrogen plants for EV industry, after getting US$1.66-billion loan guarantee

📆 14.05.2024 16:33:00
📰 globeandmail

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The hydrogen fuel from the plants is expected to power fuel cell-electric vehicles used in material handling, transportation, and heavy industry

The U.S. Energy Department on Tuesday said it has offered a conditional loan guarantee of up to $1.66-billion to Plug Power Inc, the department’s office of loan programs said.

The administration of President Joe Biden believes that low-carbon hydrogen can fight climate change by fueling heavy industry such as aluminum, cement and steel and long-haul transportation. The clean hydrogen plants will use Plug Power’s technology – called electrolyzer stacks – manufactured at the company’s factory in Rochester, New York. Plug Power is one of the top U.S. commercial-scale manufacturers of electrolyzers.

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