Plug Power sells federal tax credit for $39.2 million from Louisiana facility

Plug Power Inc. (NASDAQ: PLUG) completed the sale of a federal investment tax credit for approximately $39.2 million associated with its hydrogen liquefaction facility in St. Gabriel, Louisiana. The facility operates through Hidrogenii, a joint venture between Plug Power and Olin Corporation.

The transaction follows Plug Power's January 2025 transfer of a $30 million investment tax credit from its Woodbine, Georgia hydrogen facility. Under federal clean energy tax credit provisions, hydrogen liquefaction and storage assets qualify for investment tax credits that can be transferred to third-party investors.

The St. Gabriel facility was commissioned in April 2025 and can liquefy up to 15 tons of hydrogen per day. The plant represents one of the largest hydrogen liquefaction facilities in North America, according to the company's statement.

"Plug continues to execute multiple capital efficiency initiatives designed to strengthen liquidity while supporting the scale-up of our hydrogen platform," said Jose Luis Crespo, CEO of Plug Power. "The monetization of the St. Gabriel investment tax credit demonstrates our ability to leverage strategic infrastructure investments to enhance financial flexibility."

Paul Middleton, CFO of Plug Power, stated that the transaction supports the company's financial strategy while reinforcing the value of its integrated hydrogen infrastructure platform.

Plug Power's hydrogen generation network includes operational facilities in Georgia, Tennessee, and Louisiana, with approximately 40 tons per day of liquid hydrogen production capacity across the platform. The company operates more than 74,000 fuel cell systems worldwide across 280 hydrogen-powered material handling sites.

The information is based on a company press release statement.

You May Also Be Interested In

• CFRA Starts SpaceX (SPCX) at Sell, 'Our primary concern is that SpaceX’s long-term strategy remains heavily dependent on Starship'
• Iran deal reopens Strait of Hormuz - Reuters
• Precipio seeks shareholder votes to meet quorum for annual meeting