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Plug Power, Inc. (NASDAQ:PLUG) has received a $10 million grant from the U.S. Department of Energy to scale its HYPER-Fuel project, which focuses on advanced hydrogen refueling infrastructure for medium and heavy-duty vehicles.
The project involves developing liquid-to-gaseous and cryogenic dispensing hydrogen refueling stations. As per the deal, Plug Power will handle engineering, construction, operation, and training.
This funding is part of the DOE's $62 million investment in 20 projects across 15 states to advance next-generation clean hydrogen technologies.
The initiatives aim to improve hydrogen fueling infrastructure, showcase hydrogen-powered port equipment, and enhance processes for the efficient and equitable deployment of hydrogen technologies.
The station will offer fueling rates over 8 kg/min, a daily capacity of 2+ tonnes, and options for 350 and 700-bar pressurized hydrogen, including subcooled liquid and cryo-compressed forms, to support heavy-duty vehicles.
The project will build a hydrogen fueling station in Pullman, Washington, operational by 2026, to showcase advanced technologies.
This model could be replicated nationwide to meet refueling demands and boost hydrogen fuel cell use. The location is strategic due to the Pacific Northwest H2 Hub and Washington State's 2035 zero-emission vehicle mandate.
Earlier this year, Plug Power received nine DOE awards for Clean Hydrogen Electrolysis, Manufacturing, and Recycling under the Bipartisan Infrastructure Law, underscoring its leadership and dedication to advancing the green hydrogen economy.
Investors can gain access to the stock via Global X Hydrogen ETF (NASDAQ:HYDR) and ETF Series Solutions Defiance Next Gen H2 ETF (NYSE:HDRO).
Price Action: PLUG shares are down 0.29% at $1.735 at the last check Thursday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
