DOE finalized $9.8B in financing for Rivian, Plug Power, Sunwealth, and Ioneer – Plug Power ($1.66B)

The LPO announced it closed a loan guarantee of up to $1.66 billion for Plug Power, a manufacturer of fuel cells and hydrogen electrolyzers. The guarantee is meant to help the company attract financing to build up to six facilities that will produce hydrogen with low or zero carbon emissions using its electrolyzers.

CEO Andy Marsh has said that the LPO loan guarantee is central to the company’s plan to expand from selling equipment to make and use hydrogen to actually producing hydrogen on its own. Plug Power’s foray into clean hydrogen production may be helped along by recently finalized tax-credit rules, although it’s unclear if the company’s sites will comply with the Biden administration’s strict rules for determining carbon-emissions impact.

Plug Power Energy Loan Borrower, LLC, will help to finance the construction of up to six facilities across several states that will produce clean hydrogen utilizing the company’s own electrolyzer technology. Advancing clean hydrogen is a key component of the Biden-Harris Administration’s whole-of-government approach to building a robust clean energy economy that creates healthier communities, strengthens energy security, and delivers new economic opportunities across the nation. Today’s announcement will help unlock the full potential of this versatile fuel and support the growth of strong, American-led industry that ensures the United States remains at the forefront of the global economy for generations to come. Plug submitted its application to LPO in November 2020.