09:06 AM EST, 01/27/2025 (MT Newswires) -- Plug Power ( PLUG ) said Monday it has increased its liquidity by transferring a $30 million Federal Investment Tax Credit to an investor with a track record of purchasing comparable credits.

The Jan. 24 transfer represents its first use of such a utility under the 2022 Inflation Reduction Act, the company said.

The company said it is leveraging the tax credit to offset some of its investment in hydrogen plants.