Without domestic clean hydrogen, the U.S. will not meet its climate
and economic goals. That is why today
Plug
Power Inc. (NASDAQ: PLUG), a global leader in comprehensive
hydrogen solutions for the green hydrogen economy, the U.S.
Chamber of Commerce, and 31 other organizations submitted a
letter to Biden Administration officials addressing Section 45V
Clean Hydrogen Production Tax Credit (PTC) implementation. Congress
created the PTC to spur investments in clean hydrogen, and poorly
devised PTC rules could hamper this vital industry and broader
U.S. policy goals.
The letter underscores the Clean Hydrogen PTC’s importance in
driving energy security, job creation, and decarbonization of the
most difficult-to-abate sectors. In addition, the letter cautions
the Administration to avoid unworkable and inequitable PTC
requirements that could shift clean hydrogen investments overseas
and allow other countries to undercut U.S. clean hydrogen
manufacturing. Congress’ intent of enacting the PTC and Inflation
Reduction Act was to rapidly scale clean hydrogen production in the
United States and accelerate the Biden Administration’s greenhouse
gas pollution reduction targets.
In addition, Plug has developed a technical and policy impact
analysis, “The Road to Clean Hydrogen: Getting the Rules
Right,” about PTC implementation.
If overly strict restrictions are placed upon tax credit
qualifying rules, the analysis projects a significant negative
impact on the development of the green hydrogen industry, including
domestic investment reductions of 65 percent by 2032, the loss of
over 500,000 jobs over the next seven years, and energy security
risks from the failure to develop hydrogen manufacturing and
infrastructure.
“The fact is clean domestic hydrogen is essential to meeting
America’s climate and economic goals,” said Plug CEO Andy Marsh.
“If PTC rules are too restrictive, we risk forgoing hundreds of
thousands of jobs, conceding hydrogen leadership overseas,
compromising our energy security, and failing to achieve
decarbonization goals – especially in hard-to-abate sectors like
steel and chemical production.”
“The section 45V hydrogen PTC holds enormous potential to help
the Administration meet its ambitious climate targets, but we must
get the details right. Plug’s technical analysis demonstrates that
stringent restrictions on 45V PTC eligibility could cripple
investment in the hydrogen economy and deprive hard-to-abate
sectors of adequate and affordable hydrogen supplies. If the
Administration pursues a flexible and balanced approach
to the implementation of this tax credit, we are
confident U.S. businesses will respond with historic levels of
investment in hydrogen projects that will power our clean energy
future,” said Marty Durbin, President, Global Energy Institute,
U.S. Chamber of Commerce.
Well-established organizations and companies with decades of
experience in clean energy implementation signed the letter
encouraging the Administration to advance pragmatic,
forward-looking guidance for the Section 45V Clean Hydrogen
PTC.
“For hydrogen infrastructure developers in support of the future
fuel of domestic long-haul transportation, the onerous requirements
of additional renewable energy resources for hydrogen production,
hourly time matching and deliverability in an already constrained
interconnection environment, which exists across the country, will
stymie the establishment of the clean hydrogen industry,” added
Salim Rahemtulla, President and CEO of PowerTap Hydrogen Fueling
Corp.
“We believe a pragmatic approach to the PTC rules is essential
to delivering on the Administration’s vision for combatting the
climate crisis and driving job growth here in the U.S.,” added Jill
Evanko, CEO and President, Chart Industries, Inc.
"In order to accelerate the shift to a sustainable future,
effective collaboration between the public and private sector is
mandatory. The IRA and its Section 45V Clean Hydrogen PTC is an
important step in encouraging the development of the green hydrogen
economy in the U.S. Accelera by Cummins is proud to join with the
signers of this letter to urge the Administration to make the
credit as easy to access as possible, promoting effective
deployment and ensuring American competitiveness in the growing
zero-emissions market,“ noted Amy Davis, President, Accelera by
Cummins.
About PlugPlug is building an end-to-end green
hydrogen ecosystem, from production, storage and delivery to energy
generation, to help its customers meet their business goals and
decarbonize the economy. In creating the first commercially viable
market for hydrogen fuel cell technology, the company has deployed
more than 60,000 fuel cell systems and over 180 fueling stations,
more than anyone else in the world, and is the largest buyer of
liquid hydrogen. With plans to build and operate a green hydrogen
highway across North America and Europe, Plug is operating a
state-of-the-art Gigafactory to produce electrolyzers and fuel
cells, and is commissioning multiple green hydrogen production
plants that will yield 500 tons of liquid green hydrogen daily by
year end 2025. Plug will deliver its green hydrogen solutions
directly to its customers and through joint venture partners into
multiple environments, including material handling, e-mobility,
power generation, and industrial applications. For more
information, visit www.plugpower.com.
Plug Power Safe Harbor Statement
This communication contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve significant risks and uncertainties
about Plug Power Inc. (“PLUG”), including but not limited to
statements about: Plug’s technical and policy impact analysis
predicting that overly strict restrictions placed upon tax credit
qualifying rules will have a significant negative impact on the
development of the green hydrogen industry, including domestic
investment reductions of 65 percent by 2032, the loss of over
500,000 jobs over the next seven years, and energy security risks
from the failure to develop hydrogen manufacturing and
infrastructure. Mr. Marsh’s statement that If PTC rules are too
restrictive, the USA risks forgoing hundreds of thousands of jobs,
conceding hydrogen leadership overseas, compromising national
energy security, and failing to achieve decarbonization goals –
especially in hard-to-abate sectors like steel and chemical
production. Marty Durbin’s statement around the U.S. Chamber of
Commerce’s confidence that if the Administration pursues a flexible
and balanced approach to the implementation of this tax
credit, U.S. businesses will respond with historic levels of
investment in hydrogen projects. Mr. Rahemtulla’s statement that
onerous requirements of additional renewable energy resources for
hydrogen production, hourly time matching and deliverability in an
already constrained interconnection environment, which exists
across the country, will stymie the establishment of the clean
hydrogen industry. Plug’s plans to be commissioning multiple green
hydrogen production plants that will yield 500 tons of liquid green
hydrogen daily by year end 2025. Such statements are subject to
risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in these
statements. For a further description of the risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of PLUG in general, see PLUG’s public
filings with the Securities and Exchange Commission (the “SEC”),
including the “Risk Factors” section of PLUG’s Annual Report on
Form 10-K for the year ended December 31, 2022 and any subsequent
filings with the SEC. Readers are cautioned not to place undue
reliance on these forward-looking statements. The forward-looking
statements are made as of the date hereof, and PLUG undertakes no
obligation to update such statements as a result of new
information.
MEDIA CONTACT
Kristin
Monroe Allison+PartnersplugPR@allisonpr.com
Plug Power (NASDAQ:PLUG)
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