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Plug Power Lands Historic Funding For Green Hydrogen

May 16, 2024
x min read

The government of the United States just made history with the largest loan ever granted for the production of clean hydrogen.

What’s happening:

  • Plug Power (NASDAQ: PLUG) has announced they have received a commitment for a $1.6B USD loan from the United States Department of Energy Loan Office to accelerate the development of new clean hydrogen facilities

Why it matters:

  • This is the largest loan ever granted by the United States government for clean hydrogen production
  • Green hydrogen has the potential to play an enormous role in the race towards net zero emissions, as it’s a potential fuel source for everything from commercial vehicles to airplanes

By the numbers:

  • The $1.6B USD loan will go towards funding 6 state of the art clean hydrogen production facilities across the United States
  • Clean hydrogen production emits approximately 84% less greenhouse gases into the environment than traditional hydrogen production, which typically relies on fossil fuels

Market reaction:

  • Plug Power shares are up more than 25% since the announcement

Going deeper:

The intrigue:

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