Plug Power has sold $39.2 million of tax credits awarded to its 15-ton-per-day hydrogen liquefication plant in St. Gabriel as it looks to buoy its finances, reports Gasworld.
The plant, operated by Plug’s Hidrogeniii joint venture with chemicals firm Olin, came online in April and qualified for a 30 percent federal investment tax credit.
While Plug did not specify specific uses for the cash raised, CEO Jose Luis Crespo said the sale demonstrates the firm’s ability to support the scale-up of its hydrogen platform. Those credits will be transferred to an unnamed company, as Plug aims to solidify its finances after years of heavy losses. Read more from Gasworld.
