US Hydrogen Ramp-up: Plug Power Welcomes Support to Build Hydrogen Hub ARCH2

Latham, USA - The US government has announced billions of dollars in support for the development of a green hydrogen economy. The plan is to invest a total of $7 billion in the development of regional hydrogen hubs.

Among the hubs referenced by the U.S. government is the Appalachian Regional Clean Hydrogen Hub (ARCH2). The ARCH2 Hub includes the states of West Virginia, Ohio, Pennsylvania and Kentucky, as well as lead applicants Allegheny Science & Technology, Battelle, EQT Corporation and GTI Energy. The U.S. government has announced it will support the ARCH2 Hub with up to $925 million.

A key role in the ARCH2 Hub will be played by hydrogen and fuel cell specialist Plug Power, which will act as a project partner, supplier and provider of essential services across the hydrogen value chain for the center.

Plug Power CEO Andy Marsh applauds the decision to support the Arch2 Hub. "Hydrogen hub funding, coupled with pragmatic implementation of the Inflation Reduction Act’s Clean Hydrogen Production Tax Credit, can solidify the United States’ climate leadership, accelerate the national clean hydrogen economy, and build upon Plug’s ongoing deployment of end-to-end green hydrogen solutions across the country. We thank Sen. Joe Manchin, Sen. Shelley Moore Capito, and WV Governor Jim Justice for providing instrumental leadership and championing the ARCH2 Hub," Marsh said. Plug Power is grateful for the Department of Energy's selection of this consortium and for the Appalachian region’s efforts in developing one of the nation’s foremost hubs for hydrogen solutions, Marsh added.

The Hydrogen Hub (Regional Clean Hydrogen Center) program aims to facilitate the development of a national clean hydrogen network of hydrogen producers, consumers and interconnection infrastructure. ARCH2 is expected to create more than 21,000 jobs, including more than 18,000 in the construction phase and 3,000 permanent jobs in the Appalachian region.

After last week's significant price growth of 10.8 percent to 6.96 euros (closing price, 10/13/2023, Stuttgart Stock Exchange), Plug Power shares climbed another 3 percent yesterday to 7.17 euros (closing price, 10/16/2023). In today's trading, the share is under some pressure and is currently trading down 1.5 percent at 7.06 euros (1:51 p.m., 10/17/2023, Stuttgart Stock Exchange).

Source: IWR Online, 17 Oct 2023