Plug Power Inc (NASDAQ:PLUG) plans to leverage the Inflation Reduction Act’s (IRA) Section 45V Credit for the Production of Clean Hydrogen (PTC) in its upcoming quarterly financial reports.
The development positions Plug Power among the first U.S. clean hydrogen producers to utilize this new incentive. The update sent the stock price higher on Friday.
Also Read: Plug Power +64% After Securing $1.66B Loan Guarantee From Biden Administration
The PTC offers up to $3.00 per kilogram for clean hydrogen produced in the U.S., making hydrogen production more cost-competitive with traditional fossil fuels.
This benefit ...