Plug Power Inc is a leading provider of clean hydrogen and fuel cell systems that are aimed at advancing the adoption of renewable energy solutions for various industries
The company specializes in designing and manufacturing hydrogen fuel cell technology, which serves as a sustainable alternative to traditional battery power, particularly for electric vehicles and material handling equipment. Through its innovative products and services, Plug Power is committed to reducing carbon emissions and promoting the use of hydrogen as a clean energy source in order to support the growing demand for environmentally friendly energy solutions.
SLINGERLANDS, N.Y., Jan. 27, 2025 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQPLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, boosted its liquidity by approximately $30 million through the transfer of the Federal Investment Tax Credit (ITC) on January 24, 2025, to a major investor with a strong track record of purchasing comparable credits. The $30 million ITC transfer represents Plug's first use of the transferability rules under the Inflation Reduction Act (IRA) of 2022 and is among one of the first transfer deals for hydrogen storage and liquefaction assets.
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Plug Power secures $1.66B DOE loan, easing investor concerns. Challenges remain for execution and profitability. Expansion plans in Texas, Georgia, Arizona, Nevada and Midwest.
Bloomberg noted that the Department of Energy is preparing to announce a $1.7 billion loan guarantee for Plug Power and close a federal loan of around $6.6 billion for Rivian.
Plug Power shares are trading higher in the after-hours session Thursday after the green hydrogen company announced a loan guarantee from the U.S. Department of Energy.
