"Plug Power Rockets on $1.6B DoE Loan and Cost Focus"
Plug Power's stock surged after CEO Andy Marsh announced the finalization of a term-sheet negotiation with the Department of Energy for a $1.6 billion loan facility, which will support the development of up to six hydrogen-production facilities in the U.S. The company is also pursuing price increases across its offerings and has implemented a hiring freeze while starting operations at its Georgia liquid green hydrogen plant, designed to produce enough hydrogen to power approximately 15,000 forklifts per day.