Plug Closes Loan Guarantee from the U.S. Department of Energy

Loan guarantee supports Plug’s domestic hydrogen production plant buildout

Plug’s Graham, Texas, plant first beneficiary of loan guarantee

SLINGERLANDS, N.Y. — Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, closed a $1.66 billion loan guarantee from the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO).

"Finalizing this loan guarantee with the Department of Energy represents a significant step in the expansion of our domestic manufacturing and hydrogen production capabilities, which create many high-quality jobs throughout the U.S.," said Andy Marsh, CEO of Plug Power. "In addition to reducing carbon emissions and enhancing the resilience of the U.S. energy grid, we believe the hydrogen economy aligns closely with national security interests, ensuring that the U.S. remains at the forefront of energy technology development and deployment on a global scale."

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The loan guarantee will help finance the construction of up to six projects to produce and liquify zero- or low-carbon hydrogen at scale throughout the United States.

Plug’s Graham, Texas, green hydrogen plant, the first to benefit from this financing, will create hundreds of high-quality jobs.

Powered by an adjacent wind farm, Plug’s green hydrogen production plant will utilize the company’s electrolyzer stacks manufactured at its factory in Rochester, N.Y., and its liquefaction and storage systems built at its facility in Houston.

The hydrogen economy is strengthening America’s energy independence and securing U.S. leadership in clean energy innovation. Most importantly, the industry is a vital step toward bolstering the resilience of the U.S. energy grid and reducing reliance on foreign energy sources. By aligning with national security priorities, this initiative ensures the U.S. remains a global leader in cutting-edge energy technology and economic growth.

Plug’s current hydrogen generation network, with plants in Woodbine, Georgia; Charleston, Tennessee; St. Gabriel, Louisiana, has a liquid hydrogen production capacity of approximately 45 tons per day.

About Plug

Plug is building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 69,000 fuel cell systems and over 250 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen.

With plans to operate a green hydrogen highway across North America and Europe, Plug built a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and is developing multiple green hydrogen production plants targeting commercial operation by year-end 2028. Plug delivers its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications.

For more information, visit www.plugpower.com.