Plug Power, Inc. (PLUG) has secured a significant boost for its hydrogen fueling infrastructure ambitions. The company received a $10 million grant from the U.S. Department of Energy (DOE) to scale its HYPER-Fuel project, which focuses on advanced hydrogen refueling infrastructure for medium and heavy-duty vehicles.
This project aims to develop both liquid-to-gaseous and cryogenic dispensing hydrogen refueling stations, addressing a critical need in the growing hydrogen fuel cell market. Under the terms of the agreement, Plug Power will be responsible for the engineering, construction, operation, and training related to the project.
The DOE’s investment is part of a larger $62 million initiative to advance next-generation clean hydrogen technologies across 15 states. These projects are designed to improve hydrogen fueling infrastructure, showcase hydrogen-powered port equipment, and enhance the overall deployment of hydrogen technologies in a way that is both efficient and equitable.
The grant will facilitate the development of a high-capacity hydrogen fueling station in Pullman, Washington, scheduled to be operational by 2026. This station will offer fueling rates exceeding 8 kg/min, a daily capacity of over 2 tonnes, and options for 350 and 700-bar pressurized hydrogen, including subcooled liquid and cryo-compressed forms, ensuring compatibility with heavy-duty vehicles.
The Pullman location was strategically chosen due to its proximity to the Pacific Northwest H2 Hub and Washington State’s commitment to achieving zero-emission vehicles by 2035. The project serves as a model for nationwide replication, demonstrating the potential of advanced hydrogen refueling infrastructure to meet growing demands and accelerate the adoption of hydrogen fuel cell technology.
This recent grant further solidifies Plug Power’s leadership in the green hydrogen economy. Earlier this year, the company received nine DOE awards for Clean Hydrogen Electrolysis, Manufacturing, and Recycling under the Bipartisan Infrastructure Law, showcasing its dedication to advancing sustainable energy solutions.
Investors interested in gaining exposure to Plug Power can access the stock through various exchange-traded funds (ETFs) such as Global X Hydrogen ETF (HYDR) and ETF Series Solutions Defiance Next Gen H2 ETF (HDRO). As of Thursday’s closing, PLUG shares were down 0.29% at $1.735.
