05:47 AM EDT, 08/01/2024 (MT Newswires) -- EQT (EQT) said late Wednesday that the Appalachian Regional Clean Hydrogen Hub, or ARCH2, has signed a deal with the US Department of Energy, advancing their clean hydrogen project into phase 1 planning.

As a member of ARCH2, the company plans to construct and operate a clean hydrogen production facility to convert natural gas into hydrogen-rich syngas, and into low-carbon aviation fuel.

The deal unlocks $30 million in initial funding for phase 1 of ARCH2, which will cover initial planning, siting, permitting, community engagement and analysis activities, the company said.

The project has a potential distribution of up to $925 million pursuant to the Bipartisan Infrastructure Law.

Price: 34.54, Change: +0.03, Percent Change: +0.09