Plug Power investment rises to $676M as construction continues in Genesee County

Plug Power (Nasdaq: PLUG) is months into the construction of its liquid hydrogen plant at the Science and Technology Advanced Manufacturing Park site in Genesee County.

According to the Genesee County Center for Economic Development, the 62-foot liquid hydrogen spheres are up on the 186,000-square-foot site and a lot of infrastructure work is being done, including work on the 600-megawatt substation that will not only support Plug Power but also future companies at the STAMP site.

“In addition, the investment by Plug Power has accelerated our infrastructure construction to service additional projects at STAMP,” said Steve Hyde, president and CEO of the GCCED. “These investments, and the opportunities we are welcoming to over 540 buildable acres at STAMP, will provide families and students in Genesee County and our neighbors in Erie, Niagara, Orleans and the entire Buffalo-Rochester corridor a great future.”

Plug Power, based in Latham, expanded the scope of its project in May, when the company announced it would increase the anticipated production capacity from 45 tons of liquid hydrogen per day to 74 tons, adding $387 million to the previously planned $292 million investment.

“When you see a company take a $292 million investment to a $676 million investment, it just shows how committed they are to making Western New York a central hub for green hydrogen production,” said Steve Hyde, president and CEO of the GCCED. “They’re all in.”

Hyde said that with the expansion, the company accelerated its plans, building phase 1 and 2 of the project “all at once," with production anticipated for mid-2024. The expansion will add 19 jobs to the planned 68.

Plug Power is building hydrogen plants all over, including three in Finland and one in Georgia, Louisiana and Texas.

The company announced during its second-quarter earnings call earlier this month that it will borrow $1.5 billion over the next 18 months to complete these projects, including the Genesee County plant, and be able to produce 500 tons of hydrogen per day by 2025. CEO Andy Marsh said during the call that the company is negotiating $1 billion through a U.S. Department of Energy loan program.