Plug Power Invited to Submit Part II Application for Proposed $520 million from DOE's Title XVII Loan Guarantee Program
April 08 2021 - 9:15AM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions for the global green hydrogen economy, today
announced that it has been invited to submit a Part II Application
for a loan guarantee under the U.S. Department of Energy (DOE)
Title XVII Loan Guarantee Program. The invitation for the Part II
application is for a proposed $520 million loan guarantee from the
DOE to support the use of green hydrogen to transform the materials
handling, transportation, and industrial sectors in the United
States. This is the first of several steps in the process to secure
a conditional commitment and final loan agreement from the
Department. Plug Power will work closely with the DOE to fulfill
the requirements of Part II of the application process.
Plug Power is building a 500-ton green hydrogen
network by 2025 and the loan DOE loan guarantee supports the first
phase of the Company’s buildout. Upon receiving approval from the
DOE Title XVII Loan Guarantee Program, Plug Power will utilize its
electrolyzer, liquefaction and distribution technologies to deploy
the first resilient network of zero-carbon hydrogen production
facilities across the United States. The facilities will have a
combined liquid hydrogen generation capacity of approximately 180
tons per day. Each plant will be co-located with solar
photovoltaic, wind, and/or hydro-electric plants that will utilize
zero-carbon renewable electricity. Plug Power is in the process of
negotiating power purchase agreements with renewable energy
suppliers.
“At Plug Power, we’ve prided ourselves on
leading the charge for the green hydrogen economy in the United
States and working closely with government partners along the way.
We’ve proven the viability of our 10 year roadmap to be cost
competitive with natural gas-derived “gray” hydrogen,” said Andy
Marsh, CEO of Plug Power. “The first phase of the project attached
to this loan guarantee will be anchored by existing customer
agreements. Today, Plug Power customers are the largest consumers
of hydrogen in the United States.”
U.S. Senator Charles E. Schumer said, “Securing
this federal loan guarantee will be a win-win to supercharge Plug
Power to new heights by making its planned 68-job hydrogen fuel
production facility at the WNY STAMP site in Genesee County a
reality while also creating the nation’s first U.S.-wide network of
green hydrogen production facilities to produce carbon-free
fuel-cell power. I’m glad the DOE has now given Plug Power the
green light to pursue a federal loan guarantee.”
Congresswoman Cathy McMorris Rodgers added,
“This project could enable Plug Power to meet its mission to
contribute to cleaner transportation and logistics industries, as
well as facilitate the anticipated rapid growth of the hydrogen
economy in the United States. It would strengthen our country’s
economic, environmental, and renewable zero carbon energy.”
Congressman Paul Tonko said, “Investing in clean
hydrogen will be an essential component of building America’s clean
next-generation economy. Projects like this one bring that future
closer than ever, not just because they pave the way for cleaner,
more efficient transportation systems but because they show what we
can achieve when we put the resources of the U.S. Department of
Energy into the hands of America’s greatest clean energy innovators
and entrepreneurs—creating good jobs and building a cleaner, more
competitive economy for all. I congratulate Plug Power on this
important milestone and look forward to this project moving through
the DOE process.”
“I have long extolled the benefits and potential
of hydrogen power and am excited that Plug Power is leading the way
in harnessing this innovative technology,” said Congressman Joe
Morelle. “By leveraging their assets and expertise, we can not only
achieve our goal of shrinking our carbon footprint, but we can also
create high-quality jobs and strengthen our local economy. I’ve
been proud to work alongside them and know that this investment
would help pave the way for a cleaner, more sustainable
future.”
About Plug Power
Plug Power is building the green hydrogen
economy as the leading provider of comprehensive green hydrogen and
fuel cell turnkey solutions. The Company’s innovative technology
powers electric motors with hydrogen fuel cells amid an ongoing
paradigm shift in the power, energy, and transportation industries
to address climate change and energy security, while meeting
sustainability goals. Plug Power created the first commercially
viable market for hydrogen fuel cell technology. As a result, the
Company has deployed over 40,000 fuel cell systems for e-mobility,
more than anyone else in the world, and has become the largest
buyer of liquid hydrogen, having built and operated a hydrogen
highway across North America. Plug Power delivers a significant
value proposition to end-customers, including meaningful
environmental benefits, efficiency gains, fast fueling, and lower
operational costs. Plug Power’s vertically-integrated GenKey
solution ties together all critical elements to power, fuel, and
provide service to customers such as Amazon, BMW, The Southern
Company, Carrefour, and Walmart. The Company is now leveraging its
know-how, modular product architecture and foundational customers
to rapidly expand into other key markets including zero-emission
on-road vehicles, robotics, and data centers. Learn more at
www.plugpower.com.
Safe Harbor StatementThis
communication contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995
that involve significant risks and uncertainties about Plug Power
Inc.("PLUG"), including but not limited to statements about PLUG's
expectations regarding its multi-year investment and growth ,
PLUG’s clean hydrogen technology and fuel cell solutions playing a
critical role in achieving climate and decarbonization goals,
deepening of relationships with key stakeholders, and acceleration
of demand and adoption of hydrogen technology . You are cautioned
that such statements should not be read as a guarantee of future
performance or results, and will not necessarily be accurate
indications of the times that, or by which, such performance or
results will have been achieved. Such statements are subject to
risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in these
statements. For a further description of the risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of PLUG in general, see PLUG’s public
filings with the Securities and Exchange Commission, including the
“Risk Factors” section of PLUG’s Annual Report on Form 10-K for the
year ended December 31, 2019 and Quarterly Reports on Form 10-Q for
the quarters ended March 31, 2020, June 30, 2020 and September 30,
2020. Readers are cautioned not to place undue reliance on these
forward-looking statements. The forward-looking statements are made
as of the date hereof, and PLUG undertakes no obligation to update
such statements as a result of new information.
SOURCE: PLUG POWER
Media Contact
Ian MartoranaThe Bulleit Group(415)
237-3681plugpowerpr@bulleitgroup.com
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