Plug Power Inc., a global leader in comprehensive H₂ solutions for the green H₂ economy, received a conditional commitment for an up to $1.66-B loan guarantee from the Department of Energy’s (DOE) Loan Programs Office (LPO) to finance the development, construction, and ownership of up to six green H₂ production facilities.

The production facilities, which will be selected for financing in accordance with procedures to be set forth in definitive documentation with DOE, will be built across the nation and supply major companies, including Plug’s existing customers, with low-carbon, made-in-America green H₂. The H₂ generated will be used in applications in the material handling, transportation, and industrial sectors.

“Green H₂ is an essential driver of industrial decarbonization in the United States,” said Plug Power CEO Andy Marsh. “Earlier this year, Plug successfully demonstrated our innovation and technical ability by launching the first commercial-scale green H₂ plant in the country in Woodbine, Georgia. This loan guarantee will help us build on that success with additional green H₂ plants.”

Marsh added, “We appreciate the partnership with the DOE Loan Programs Office and are pleased to have worked through an intensive due diligence process. The loan guarantee will prove instrumental to grow and scale not only Plug’s green H₂ plant network, but the clean H₂ industry in the United States.”

Plug, the leading commercial-scale manufacturer of electrolyzers, currently operates the largest proton exchange membrane (PEM) electrolyzer system in the United States at its Woodbine, Georgia, H₂ plant. Plug’s current green H₂ generation network now has a liquid H₂ production capacity of approximately 25 tpd.

Plug’s green H₂ production plants utilize the company’s own electrolyzer stacks manufactured at its state-of-the-art gigafactory in Rochester, NY, and Plug’s liquefaction and H₂ storage systems engineered at its facility in Houston.

DOE’s support for Plug’s green H₂ projects represents a major milestone in the U.S.’s commitment to advance the development of large-scale H₂ production, processing, delivery, and storage. It also underscores the application of green H₂ to help meet decarbonization goals across multiple sectors of the economy.

While this conditional commitment represents a significant milestone and demonstrates the DOE’s intent to finance the project, certain technical, legal, environmental and financial conditions, including negotiation of definitive financing documents, must be satisfied before funding of the loan guarantee.

LPO works in support of President Biden’s ambitions to drive growth in U.S. manufacturing and innovation, create jobs, and build a clean energy economy that will address climate change and make communities more resilient.

Plug’s projects under the loan will adhere to the Biden Administration’s Justice 40 Initiative. This process includes gathering input from local labor, workforce, and economic development organizations in addition to first responder and non-profit organizations. The plants are expected to create good-paying jobs accessible to a diverse talent supply and help develop workforce skills needed to drive the transition to a clean energy economy.

LPO’s Title 17 Clean Energy Financing Program, which supports innovative energy and supply chain projects and projects that reinvest in existing energy infrastructure, will provide the financing to Plug.