Plug Power said it had suspended all work on projects supported by a $1.66bn US Department of Energy (DOE) loan guarantee during its Q3 results, signalling a step back from its capital-intensive hydrogen production build-out.

The loan guarantee, secured in the final days of the Biden administration, was set to allow Plug to build up to six green hydrogen plants across the US, as it looked to build up supply for its material handling customers.

However, outgoing CEO Andy Marsh linked the pause to a long-term grey hydrogen supply agreement with a “leading industrial gas company” and a broader reassessment of capital deployment.

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