Clean energy manufacturing company Plug Power Inc. (NASDAQ: PLUG) said Thursday 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.
Plug Power says 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.
The announcement goes on to say this is the first of several steps in the process to secure a conditional commitment and final loan agreement from the Department. Plug Power says they will work closely with the DOE to fulfill the requirements of Part II of the application process.
Plug Power provides hydrogen fuel cell turnkey solutions for the electric mobility and stationary power markets in North America and Europe.
The company garnered an abundance of attention from investors in 2020 for its GenDrive system, a hydrogen-fueled PEM fuel cell system that provides power to material handling electric vehicles.
The stock is up 3.6% to $33.16 at publication time.
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