Plug Power Inc. (PLUG) shares surged 5.11% in after-hours trading on Thursday, January 16, 2025, as the company secured a significant $1.66 billion loan guarantee from the U.S. Department of Energy's Loan Programs Office (LPO).
The loan guarantee will support Plug Power's ambitious plans to construct up to six projects for producing and liquefying zero- or low-carbon hydrogen at scale throughout the United States. The first project to benefit from this financing is the company's upcoming green hydrogen production plant in Graham, Texas, which is expected to create numerous high-quality jobs.
According to Plug Power's CEO Andy Marsh, this loan guarantee represents a crucial step in expanding the company's domestic manufacturing and hydrogen production capabilities. It aligns with national security interests by reducing carbon emissions, enhancing the resilience of the U.S. energy grid, and ensuring American leadership in clean energy technology development and deployment on a global scale.
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