Plug Power Secures $1.66B DOE Loan, Stock Surges

The funding will support the development of up to six green hydrogen production facilities, boosting the company's market position.

Plug Power received a conditional loan guarantee from the U.S. Department of Energy valued at up to $1.66 billion.
The loan will finance the development, construction, and ownership of six new green hydrogen production sites.
Plug Power's stock soared over 40% following the announcement, reflecting investor optimism.
The new facilities will produce green hydrogen for major companies in various sectors, including material handling and transportation.
This development aligns with the Biden Administration’s Justice 40 Initiative and aims to drive industrial decarbonization in the U.S.