Plug Power has announced it closed the sale of a federal investment tax credit for ~$39.2 million associated with Plug’s hydrogen liquefaction facility in St. Gabriel, Louisiana, operated through Hidrogenii, its joint venture with Olin Corporation. The monetization represents another step in Plug’s broader strategy to improve liquidity, optimize capital deployment, and unlock value from its expanding hydrogen generation network.

The transaction builds on Plug’s January 2025 transfer of a $30 million ITC associated with its Woodbine, Georgia hydrogen facility. Under current U.S. federal clean energy tax credit provisions, hydrogen liquefaction and storage assets like the St. Gabriel facility qualify for the Investment Tax Credit, which can be transferred to third-party investors.

The St. Gabriel facility was commissioned in April 2025 and is among the largest hydrogen liquefaction facilities in North America. The plant can liquefy up to 15 tpd of hydrogen and plays a critical role in Plug’s growing domestic hydrogen production platform.

“Plug continues to execute multiple capital efficiency initiatives designed to strengthen liquidity while supporting the scale-up of our hydrogen platform,” said Jose Luis Crespo, CEO of Plug. “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.”

“Monetizing the investment tax credit associated with the St. Gabriel facility is another example of Plug executing on strategic initiatives to enhance liquidity and optimize capital deployment,” said Paul Middleton, CFO of Plug. “This transaction supports our disciplined financial strategy while reinforcing the value of Plug’s integrated hydrogen infrastructure platform.”

Plug’s hydrogen generation network currently includes operational facilities in Georgia, Tennessee, and Louisiana, with approximately 40 tpd of liquid hydrogen production capacity across the platform.