Plug Power Invited to Submit Part II Application for Proposed $520 million from DOE's Title XVII Loan Guarantee Program

LATHAM, N.Y., April 08, 2021 (GLOBE NEWSWIRE) -- 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.”