LPO Announces Conditional Commitment to Plug Power to Produce and Liquify Clean Hydrogen Fuel

Here’s to American-made electrolyzers producing American-made clean hydrogen! Today, LPO announced a conditional commitment of an up to $1.66 billion loan guarantee to a subsidiary of Plug Power Inc. to help finance the construction of up to six facilities across several states to produce clean hydrogen utilizing the company’s own electrolyzer technology. If finalized, the project will support an integrated and resilient commercial-scale clean hydrogen fueling network across several regions of the United States: https://lnkd.in/d2giacJh

Electrolyzers use electricity to split water into its component parts, hydrogen and oxygen. Plug Power’s Proton Exchange Membrane (PEM) technology allows it to operate efficiently even with variable electricity, enabling it to leverage electricity from intermittent renewables to produce clean hydrogen. The clean hydrogen facilities will utilize electrolyzer stacks that are manufactured at the company’s state-of-the-art gigafactory in Rochester, New York, and will use modular designs to ensure a resilient hydrogen fuel delivery network.

Plug Power is among the leading commercial-scale manufacturers of electrolyzers in the U.S. and currently operates the largest PEM electrolyzer system in the nation at its Georgia hydrogen plant. Plug Power has a development pipeline that includes the build-out of clean hydrogen facilities in several potential locations across the country to supply its national customer base with end-to-end clean hydrogen at scale, further helping to strengthen domestic clean energy supply chains.

As with all conditional commitments that LPO offers, it’s important to note that the expected U.S. Department of Energy (DOE) loan will only be issued pending the satisfaction of certain conditions, including final legal, contractual, technical, and financial requirements that the conditional commitment specifies.

Read the full Plug Power project conditional commitment announcement for more details: https://lnkd.in/d2giacJh

LEARN MORE:

• What is a Conditional Commitment and How is it Different from a Loan or Loan Guarantee? https://lnkd.in/gkhfhYHZ

• How LPO’s Title 17 Clean Energy Financing Program is financing innovative energy projects across sectors: https://lnkd.in/gN2jDVbw

• Read about other LPO project announcements: https://lnkd.in/g23s_Uk4

• Download the U.S. National Clean Hydrogen Strategy & Roadmap: https://lnkd.in/eXMfkZHX and Clean Hydrogen Pathways to Commercial Liftoff report: https://lnkd.in/g5bYxaSd

• Info about DOE’s Regional Clean Hydrogen Hubs: https://lnkd.in/eu2D4zhX and Hydrogen Earthshot: https://lnkd.in/eytmPHj

• President Biden’s “Investing in America” Agenda: WhiteHouse.gov/Invest