Plug Power

PROJECT SUMMARY

In January 2025, the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) announced the closing of a $1.66 billion loan guarantee ($1.55 billion of principal and $107 million of capitalized interest) to Plug Power Energy Loan Borrower, LLC (Plug Power) to help finance the construction of up to six projects to produce and liquify zero- or low-carbon hydrogen to supply Plug Power’s national customer base with end-to-end clean hydrogen. 

ECONOMIC IMPACT

This loan guarantee will support an estimated 100-200 jobs during the construction period when at full capacity, and at least 50 new full-time jobs for each location. Together with the DOE Regional Clean Hydrogen Hubs, and ongoing research, development, and demonstration in the DOE Hydrogen Program, this project will help strengthen local economies, create and maintain high-quality jobs, reduce greenhouse gas emissions in sectors critical to meeting U.S. net-zero goals, and enhance America’s manufacturing and industrial competitiveness.

CLIMATE BENEFIT

The hydrogen fuel from the project is expected to be used for fuel cell electric material handling equipment and in the transportation and industrial sectors at an estimated 84% reduction in greenhouse gas emissions compared to conventional hydrogen production, which derives hydrogen from natural gas (CH4) and ultimately produces carbon dioxide (CO2). 

The benefits of harnessing hydrogen fuel cells in applications such as material handling equipment include enhanced operational efficiency, reduced environmental impact through zero-emission operations, and increased productivity due to faster refueling times compared to conventional batteries.

COMMUNITY BENEFIT  

Plug will initiate a community outreach program dedicated to promoting awareness, understanding, and utilization of hydrogen as a clean and sustainable energy source, aiming to engage and empower communities by providing educational resources, interactive activities, and collaborative initiatives that highlight the benefits and potential applications of hydrogen technology. 

Plug has a comprehensive workforce strategy including utilizing apprentices at its New York location. All workforce development strategies and programs would be designed to utilize the comprehensive suite of services offered by the Workforce Innovation and Opportunity Act (WIOA) network of One-Stop Career Centers.

PROJECT STATISTICS: Plug Power

* Last Updated January 2025. Approximate amount of the loan approved at closing including principal and any capitalized interest.

** Estimated at the time of closing