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Plug Power Lands Historic Funding For Green Hydrogen

May 16, 2024
x min read
Plug Power Lands Historic Funding For Green Hydrogen

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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