What's Going On With Hydrogen Fuel Cell Systems Company Plug Power Stock On Friday?
What is the Inflation Reduction Act’s Section 45V Credit?
The Inflation Reduction Act's Section 45V Credit is a tax credit for the production of clean hydrogen in the United States. It offers up to $3.00 per kilogram for clean hydrogen produced, making hydrogen production more cost-competitive with traditional fossil fuels. This incentivizes companies like Plug Power to increase clean hydrogen production and reduce fuel costs.
How much does the PTC offer per kilogram for clean hydrogen?
The Production Tax Credit (PTC) offers up to $3.00 per kilogram for clean hydrogen produced in the U.S. This incentive makes hydrogen production more cost-competitive with traditional fossil fuels, significantly lowering fuel costs for companies like Plug Power and helping them achieve break-even fuel margins.
What is the capacity of Plug Power's Georgia hydrogen plant?
Plug Power's Georgia hydrogen plant has a capacity of 15 tons of green hydrogen per day. This is enough to power approximately 15,000 forklifts daily. The facility uses eight 5-megawatt (MW) PEM electrolyzers to produce hydrogen, which is then condensed into liquid form at -423F.