Plug secures $44M from ITC transfer for hydrogen facility
The company sold the tax credit associated with its St. Gabriel, Louisiana hydrogen liquefaction plant, adding to earlier ITC monetizations.
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Green hydrogen and fuel cell solutions provider
plugpower.comLast updated
In short: Plug strengthened its liquidity through $44 million in tax credit sales and reached a final investment decision for a 30 MW UK hydrogen project.
The company sold the tax credit associated with its St. Gabriel, Louisiana hydrogen liquefaction plant, adding to earlier ITC monetizations.
The 30 MW project will produce green hydrogen for Kimberly-Clark, reducing CO2 emissions by 18,300 tonnes annually.
Revenue rose 22% to $163.5M, gross margin improved from -55% to -13%, and material handling demand strengthened.
The earnings call is scheduled for May 11 at 4:30 PM ET by webcast and phone.
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