Plug Power eyes Europe and state-level support as US hydrogen incentives falter
Plug Power is looking to state-level funding and betting big on Europe as uncertainty over US hydrogen subsidies clouds the outlook for federal support.
Speaking on the hydrogen firm’s Q2 results call on Monday (12 May), CEO Andy Marsh said the Trump administration had introduced “uncertainty” about clean energy programmes.
And with proposals to remove the lucrative up to $3/kg 45V clean hydrogen production tax credit from the Inflation Reduction Act (IRA), Marsh said the firm was engaged in lobbying efforts.
“The IRA is under pressure and there’s active debate with Congress over the future of section 45V… and the long-term direction of decarbonisation incentives,” he told investors.
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