Plug Power Surges After US Department of Energy Commits $1.66 Billion to New Hydrogen Plants
By Dean Seal
Plug Power's shares are surging after it received a conditional commitment for an up to $1.66 billion loan guarantee from the federal government to finance new green hydrogen production facilities.
The stock was up 41% at $4.08 in premarket trading. Shares had fallen 36% year-to-date when the market closed Monday.
The Latham, N.Y.-based maker of hydrogen and fuel-cell systems said Tuesday morning that the loan guarantee from the Department of Energy's Loan Programs Office is backing the development, construction and ownership of up to six new green hydrogen production facilities.
The facilities are to be built across the country and supply Plug's existing customers and other major companies with low-carbon green hydrogen for the material handling, transportation and industrial sectors, the company said.
Plug is calling the Energy Department's support a major milestone in the government's commitment to large-scale hydrogen production. The company noted that certain technical, legal, environmental and financial conditions have to be satisfied before the loan guarantee can be funded.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 14, 2024 08:44 ET (12:44 GMT)
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