07:04 AM EST, 01/17/2025 (MT Newswires) -- Plug Power ( PLUG ) said Thursday it finalized a $1.66 billion loan guarantee from the US Department of Energy to support its hydrogen production expansion.

The loan will allow up to six projects producing low-carbon hydrogen, with the first plant in Graham, Texas, benefiting from the funds, the company said.

Plug added that the Texas facility, supported by a nearby wind farm, will utilize Plug's electrolyzer stacks and liquefaction systems.