Plug Power Closes Second Tax Credit Deal: ITC Transaction Brings Plug Power $39 Million – Share Price Under Pressure

Slingerlands, New York – Plug Power has completed the sale of a federal Investment Tax Credit (ITC) totalling approximately $39.2 million. The tax credit is associated with the hydrogen liquefaction facility in St. Gabriel, Louisiana, operated through Hidrogenii, the company's joint venture with Olin Corporation.

The transaction forms part of Plug's strategy to improve liquidity and optimise capital deployment. It builds on a comparable ITC transfer concluded in January 2025, under which a tax credit of $30 million was realised in connection with the hydrogen facility in Woodbine, Georgia. Under US federal law, investment tax credits for hydrogen liquefaction and storage facilities can be transferred to third-party investors.

The St. Gabriel facility was commissioned in April 2025 and ranks among the largest hydrogen liquefaction plants in North America. With a capacity of up to 15 tonnes of hydrogen per day, it is a central element of Plug's national hydrogen production network, which currently includes sites in Georgia, Tennessee and Louisiana with a combined capacity of approximately 40 tonnes of liquid hydrogen per day.

CEO Jose Luis Crespo states: "The monetization of the St. Gabriel investment tax credit demonstrates our ability to leverage strategic infrastructure investments to enhance financial flexibility while continuing to build a vertically integrated hydrogen network across the United States."

CFO Paul Middleton adds: "This transaction supports our disciplined financial strategy while reinforcing the value of Plug’s integrated hydrogen infrastructure platform."

The Plug Power share, listed in the renewable energy stock index RENIXX World, is trading down 8% at €3.11 after four trading days this week (04 June 2026, closing price, Stuttgart Stock Exchange).

Source: IWR Online, 05 Jun 2026