The hydrogen firm said it had “boosted its liquidity through the transfer of the Federal Investment Tax Credit (ITC)” to an unnamed major investor “with a strong track record of purchasing comparable credits.”
Under the Inflation Reduction Act (IRA), Plug says its 40MW Woodbine liquid green hydrogen plant is eligible for both the $3/kg offered by section 45V, as well as the 30% ITC to subsidise the project’s CAPEX investment, thanks to the plant’s storage abilities.
However, Plug says it has transferred the $30m awarded through the ITC to an unnamed investor.
