Plug Power announces $30M Federal Investment Tax Credit transfer

Plug Power (PLUG) boosted its liquidity by approximately $30M through the transfer of the Federal Investment Tax Credit on January 24, 2025, to a major investor. The $30M ITC transfer represents Plug’s first use of the transferability rules under the Inflation Reduction Act of 2022 and is among one of the first transfer deals for hydrogen storage and liquefaction assets. Under the IRA, facilities like Plug’s plant in Woodbine, Georgia that produce, liquify, and store green hydrogen can claim the Section 45V Production Tax Credit for green hydrogen produced as well as the ITC on the hydrogen storage and liquefaction assets at the facility. Plug secured the ITC through its investment in liquefaction and storage technologies at its green hydrogen plant in Woodbine, Georgia, which began production in early 2024. This development builds on Plug’s announcement in June 2024 of utilizing the PTC at its Woodbine, Georgia facility – allowing the company to benefit from both the PTC and ITC.