Written by Cláudio Afonso | LinkedIn | X
Shares of the hydrogen fuel cell manufacturer Plug Power surged more than 25 percent on Tuesday as the company announced that received a conditional commitment for a $1.66 billion loan guarantee from the Department of Energy (DOE).
The loan would finance the development of up to six green hydrogen production facilities however, certain technical, legal, environmental, and financial conditions must be met before the loan guarantee is funded, the company stated.
Earlier today, Plug Power’s stock reached $5.09 per share, an increase of 76 percent from the previous closing price of $2.89.
The manufacturer added that the facilities, planned to be built across the United States, will supply major companies, including existing customers, with low-carbon green hydrogen for applications in material handling, transportation, and industry.
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The company manufactures electrolyzer stacks in Rochester, NY, while liquefaction and hydrogen storage systems are located in Houston.
Plug currently operates the largest proton exchange membrane (PEM) electrolyzer system in the United States at its hydrogen plant in Woodbine, Georgia, with a daily liquid hydrogen production capacity of about 25 tons.
The projects under the loan will adhere to the Biden Administration’s Justice 40 Initiative, which seeks input from local labor, workforce, economic development, first responders, and non-profit organizations.
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Written by Cláudio Afonso | LinkedIn | X
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