STAMP boost: Feds give OK for Plug Power to submit loan guarantee application
After fighting for and securing Plug Power’s new hydrogen fuel cell "gigafactory" in Rochester, U.S. Senator Charles E. Schumer today (April 8) announced his support to secure a $520 million federal loan guarantee from the U.S. Department of Energy (DOE) to be used in constructing a network of green hydrogen facilities.
This includes the planned 68-job green hydrogen production facility at the Western New York Science, Technology, Advanced Manufacturing Park -- STAMP -- site in Genesee County between Rochester and Buffalo.
Schumer first wrote to the DOE in November 2020 to advocate for the DOE to approve a loan guarantee through its Title XVII Loan Guarantee Program. Last month he doubled down in urging the new Energy Secretary Jennifer Granholm to provide support and resources to help make Plug Power’s plans to build its hydrogen fuel production facility in Genesee County's Town of Alabama a reality.
The DOE has since approved Plug Power, which initially submitted its Part I application in November 2020, to submit a Part II Application for a loan guarantee under the Title XVII Loan Guarantee Program which is the next step in the multistep process to ultimately secure a DOE conditional commitment and final loan guarantee agreement.
Senator Schumer said, “Securing this federal loan guarantee will be a win-win to supercharge Plug Power to new heights by supporting its planned 68-job hydrogen fuel production facility at the WNY STAMP site in Genesee County while also creating the nation’s first U.S.-wide network of green hydrogen production facilities to produce carbon-free fuel-cell power.
"I’m glad the DOE has now given Plug Power the green light to pursue a federal loan guarantee. I’ll continue to support Plug Power to the fullest in securing this loan guarantee and creating North America’s largest green hydrogen production facility right here in the heart of Western New York. “
The $520 million loan guarantee will support Plug Power’s construction of five new green hydrogen production facilities to create the nation's first green hydrogen production network. The facilities will vary in size, producing between 10 to 60 tons of green hydrogen fuel per day up, totaling approximately 180 tons per day of liquid hydrogen production capacity.
Plug Power plans on starting with the construction of a $290 million production facility at the WNY STAMP site, which will produce 45 tons of green hydrogen daily, create 68 new jobs, and rank as North America’s largest green hydrogen production facility.
Schumer previously noted this new network of green hydrogen fuel production facilities, including the facility at STAMP, can be a national model in efforts to achieve the Biden Administration’s goal to drastically reduce greenhouse gas emissions and create quality clean-energy jobs.
Plug Power’s new production facility at STAMP would produce green hydrogen to supply fuel-cell-powered equipment and vehicles such as freight transportation and logistics handling equipment – some powered by fuel cells that will be manufactured at the upcoming Plug Power "gigafactory" slated to open in Rochester this summer.
Schumer said Plug Power can lead the charge in dramatically reducing our nation’s greenhouse gas emissions with the construction of its first green hydrogen production facility at the STAMP campus.
Plug Power, founded in 1997 and headquartered in Latham, NY, currently employs more than 400 workers in New York to innovate, manufacture and assemble hydrogen fuel cells including about 300 workers in the Capital Region at its headquarters and Capital Region manufacturing sites in Latham and Clifton Park, and about 70 workers at its Rochester manufacturing site.
In 2020, Schumer successfully fought for Plug Power to build their new "gigafactory" in Rochester, which will manufacture hydrogen electrolyzers, used for the production of hydrogen fuel, and hydrogen PEM fuel cells used to produce electricity to power transportation equipment. Slated to open in the middle of next year, the "gigafactory" will add another 375 employees to Plug Power’s New York workforce.