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Senate passage of the Inflation Reduction Act is helping hydrogen stocks FuelCell Energy (NASDAQ:FCEL), Bloom Energy (NYSE:BE), Plug Power (NASDAQ:PLUG) and Gevo (NASDAQ:GEVO).
The bill gives hydrogen producers a production tax credit worth $3 per kilogram of green hydrogen. It also provides an investment tax credit worth 30% of the cost of new electrolyzers, which produce hydrogen from water. The credits can help hydrogen projects gain financing.
The credits are also authorized for up to 10 years, giving producers and investors certainty.
Who Gets Help?
While each of the aforementioned companies has its own approach to hydrogen power, they are all set to benefit from the bill. FuelCell Energy produces utility-sized fuel cells to offer back-up power. These SureSource cells can use