Plug Power has announced two significant milestones spanning both its operational and financial strategy, with the company reaching final investment decision (FID) on a major UK green hydrogen project while also unlocking additional liquidity through the sale of a US federal tax credit linked to its hydrogen infrastructure portfolio.
The company confirmed that the 30MW Barrow Green Hydrogen project in Cumbria has reached FID, allowing construction to proceed on what is expected to become one of the UK’s largest industrial green hydrogen facilities. At the same time, Plug completed the sale of a federal investment tax credit worth approximately $39.2 million associated with its hydrogen liquefaction facility in St Gabriel, Louisiana.
The tax credit transaction forms part of Plug’s ongoing efforts to improve liquidity and optimise capital deployment as it continues expanding its vertically integrated hydrogen production network. The St Gabriel facility, operated through Hidrogenii, Plug’s joint venture with Olin Corporation, was commissioned in April 2025 and is among the largest hydrogen liquefaction plants in North America, with capacity to liquefy up to 15 tonnes of hydrogen per day.
The latest transaction follows the transfer of a separate $30 million investment tax credit linked to Plug’s Woodbine, Georgia hydrogen facility in January 2025. Under current US clean energy legislation, hydrogen liquefaction and storage assets qualify for transferable investment tax credits that can be sold to third-party investors.
“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, President and Chief Executive Officer of Plug. “The monetisation 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.”
Paul Middleton, Chief Financial Officer of Plug, said the transaction reflected the company’s disciplined approach to capital management.
“Monetising the investment tax credit associated with the St Gabriel facility is another example of Plug executing on strategic initiatives to enhance liquidity and optimise capital deployment,” Middleton said. “This transaction supports our disciplined financial strategy while reinforcing the value of Plug’s integrated hydrogen infrastructure platform.”
Plug’s hydrogen production network currently includes facilities in Georgia, Tennessee and Louisiana, providing approximately 40 tonnes per day of liquid hydrogen production capacity across the United States.
Meanwhile, in the UK, the company’s electrolyser business secured a major project milestone as the Barrow Green Hydrogen development reached FID. The project is being delivered by Green Hydrogen Energy Company (GHECO), a joint venture between Schroders Greencoat and British energy infrastructure developer Carlton Power.
Located in Barrow-in-Furness, the facility will supply around 100GWh of green hydrogen annually to Kimberly-Clark’s manufacturing plant, where products including Andrex and Kleenex are produced. The project is expected to reduce the site’s natural gas consumption by up to 50% and cut carbon dioxide emissions by approximately 18,300 tonnes per year.
Under the agreement, Plug will supply six 5MW GenEco proton exchange membrane (PEM) electrolyser units, providing a total installed electrolysis capacity of 30MW. Renewable electricity for the facility will be supplied through a long-term power purchase agreement with SEFE.
The Barrow project forms part of a wider 55MW electrolyser supply agreement covering three UK hydrogen developments at Barrow, Trafford and Langage. Barrow is the first of the three projects to move into execution, while the remaining developments continue progressing towards their respective investment decisions.
“With Barrow now having reached FID, we are moving our largest UK project from award into execution and advancing the delivery of industrial-scale green hydrogen to Kimberly-Clark,” Crespo said. “This milestone reflects continued confidence in our GenEco electrolyser technology and its proven performance at scale across projects.”
Kristian Høeg Madsen, Co-Head of Hydrogen Investments at Schroders Greencoat, described the investment decision as a major milestone for both the company and the UK’s developing hydrogen sector.
“We have significant ambitions to grow the GHECO platform, reaching Final Investment Decision on Barrow is therefore a key milestone for Schroders Greencoat, as well as the UK’s emerging hydrogen economy,” Madsen said. “Building on our long track record in renewable and energy transition aligned infrastructure, Barrow marks our first move into hydrogen at scale and is the first of many such projects we expect to deliver.”
Eric Adams, Hydrogen Director at Carlton Power, said Plug’s technology and delivery experience had been important factors in the project’s progression.
“Plug Power’s electrolyser technology and proven execution capabilities make them a strong partner as we and Schroders Greencoat together advance our hydrogen ambitions in the UK,” Adams said.
The Barrow project is supported through the UK Government’s Hydrogen Allocation Round 1 (HAR1) programme and is expected to become a key contributor to the hydrogen economy in North West England once operational.
Together, the announcements highlight Plug’s dual focus on strengthening its financial position while expanding its international project portfolio. As hydrogen markets continue to mature on both sides of the Atlantic, the company is seeking to leverage its hydrogen production assets and electrolyser technology to capture growth opportunities across industrial decarbonisation, energy infrastructure and clean fuel supply chains.
