Plug Power has sold $39.2m of tax credits awarded to its 15-tonne-per-day hydrogen liquefication plant in Louisiana, US, as it looks to buoy its finances.
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.
The plant in St Gabriel, operated by Plug’s Hidrogeniii joint venture with chemicals firm Olin, came online last April and qualified for a 30% federal investment tax credit.
Those credits will be transferred to an unnamed company, as Plug aims to solidify its finances after years of heavy losses.
“Monetising the investment tax credit associated with the St. Gabriel facility is another example of Plug executing on strategic initiatives to enhance liquidity and optimise capital deployment,” said CFO Paul Middleton.
It follows the company’s $30m tax credit sale from its 40MW Georgia green hydrogen plant. Plug also sold a New York originally planned for a clean hydrogen plant to a data centre developer for $132.5m.
In its full-year 2025 financials, Plug narrowed its cash burn and delivered a positive margin in the fourth quarter, signalling early operational progress, but remained under pressure from $1.7bn in net losses.
This year, Crespo stepped up to CEO from his prior position as Chief Revenue Officer amid political turbulence and investor lawsuits.
Crespo has said that 2026 will focus on sales growth and securing a positive EBITDA in Q4, before reaching a positive operating income in 2027.
In April, Hy2gen Canada commissioned Plug to supply a 275MW electrolyser system for a green hydrogen-based ammonium nitrate plant in Baie-Comeau, Northern Quebec.
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