Plug Power (PLUG) confirmed it is suspending plans to build six facilities to produce and liquefy zero- or low-carbon hydrogen, putting at risk the $1.66 billion federal loan guarantee it obtained in January during the final days of the Biden administration, The Washington Examiner reported Thursday in its “Daily on Energy” newsletter.
The hydrogen fuel produced at the facilities was intended to be used for fuel cell electric material handling equipment as well as the transportation and industrial sectors.
In its 10-Q filing earlier this week, Plug (PLUG) disclosed it is temporarily suspending activities related to its Department of Energy loan while it evaluates reallocation of capital, and acknowledged the decision would place the $1.66 billion at risk as the DoE could modify or fully cancel the funding.
“Plug’s trajectory remains driven by strong global demand for its hydrogen solutions, and the company’s plans do not depend on government funding,” the company told the Washington Examiner. “This evolution reinforces Plug’s commitment to operational efficiency, stakeholder value, and sustainable growth.”