Plug Power Faces Lawsuit Over $1.66 B DOE Loan Guarantee Uncertainty
On February 17, a class-action lawsuit accused Plug Power executives of overstating the certainty of its $1.66 billion DOE loan guarantee and feasibility of six planned green hydrogen plants, alleging investor losses. Separately, Plug Power completed a 32-ton RFNBO-certified hydrogen fill of a 32-kilometer Rotterdam pipeline commissioning.
1. Class-Action Lawsuit Filed
On February 17, shareholders filed a class-action in the US District Court for the Northern District of New York, alleging that Plug Power misled investors about its ability to access a $1.66 billion DOE loan and to execute its hydrogen expansion plan. Plaintiffs claim executives knew loan conditions made fund disbursement uncertain and that public statements overstated the feasibility of building all six hydrogen production facilities.
2. DOE Loan Guarantee Details
The DOE’s Loan Programs Office approved a $1.66 billion loan guarantee on January 16, to be released in stages upon meeting certain technical and construction milestones. Plug Power stated the loan would underwrite up to six large-scale green hydrogen and liquefaction sites nationwide, but the lawsuit argues those conditions significantly reduce certainty of funding.
3. Rotterdam Pipeline Commissioning
On February 4, Plug Power completed the inaugural hydrogen fill of Hynetwork’s 32-kilometer pipeline in Rotterdam, delivering 32 tons of RFNBO-certified renewable green hydrogen. The operation included a bespoke unloading infrastructure, marking a key milestone in the company’s European hydrogen network development.