Plug Power said June 2 it has closed on the sale of a federal Investment Tax Credit (ITC) for ~$39.2 million associated with its hydrogen liquefaction facility in St. Gabriel, LA, (#17 in map below) operated through Hidrogenii, its joint venture with Olin Corp. The St. Gabriel facility was commissioned in April 2025 and can liquefy up to 15 tons of hydrogen per day.
Plug said the monetization is part of its broader strategy to improve liquidity, optimize capital deployment and unlock value from its hydrogen generation network. Plug previously transferred a $30 million ITC associated with its Woodbine, GA, hydrogen facility (#3 in map) in January 2025.
Major Green Hydrogen Projects in North America
Source: Hydrogen Billboard
Hydrogen projects that qualify for the ITC can generally monetize that credit through the tax-credit transferability provisions created by the Inflation Reduction Act (IRA). Under this framework, a project owner can sell all or part of an eligible tax credit to an unrelated taxpayer in exchange for cash. The provisions created under the IRA allow developers to monetize credits directly, reducing transaction costs and broadening the pool of potential buyers. Before transferability, many clean-energy projects relied on complex tax-equity structures involving banks and large financial institutions.
Plug’s hydrogen generation network includes operational facilities in Georgia, Tennessee and Louisiana, with approximately 40 tons per day of liquid hydrogen production capacity across its platform.
