Hydrogen's Green Light Moment: Will PLUG Power Up?
Hydrogen's Green Light Moment: Will PLUG Power Up?
Crucially, the inclusion of retired-but-revived nuclear reactors aligns with Plug Power's advocacy during the public comment period.The U.S. Treasury has unveiled its final guidance on the 45V Production Tax Credit, setting the stage for a greener hydrogen future.
美国财政部公布了关于45V生产税收抵免的最终指引，为更绿色的氢气未来奠定了基础。
According to JPMorgan analyst Bill Peterson, these long-awaited rules could unlock stalled projects and reinvigorate the hydrogen industry, with Plug Power Inc. (NASDAQ:PLUG) among the companies standing to benefit.
摩根大通分析师比尔·彼得森表示，这些期待已久的规则可能会解锁停滞的项目，并重新激活氢气行业，普拉格能源公司（纳斯达克：PLUG）是有望受益的公司之一。
Flexibility To Fuel Growth
灵活性推动增长
The Treasury's revisions address three critical pillars of green hydrogen: additionality, time matching and deliverability. Projects now have a three-year window to connect clean energy sources to hydrogen plants, providing much-needed flexibility. Clean energy definitions have also expanded and now include select nuclear reactors and renewable methane pathways.
财政部的修订针对绿色氢气的三个关键支柱：附加性、时间匹配和可交付性。项目现在有三年的时间窗口将清洁能源源接入氢气工厂，提供急需的灵活性。清洁能源的定义也已扩展，现在包括特定的核反应堆和可再生甲烷路径。
Crucially, the inclusion of retired-but-revived nuclear reactors aligns with Plug Power's advocacy during the public comment period.
重要的是，退休但复活的核反应堆的纳入与普拉格能源在公众意见征询期间的倡导一致。
In a significant shift, hydrogen producers have been granted an additional two years before strict hourly time matching rules take effect in 2030. This phased approach reflects the challenges of integrating nascent renewable infrastructure and offers producers a smoother transition.
在一个重大变化中，氢气生产商获得了额外两年的时间，在2030年之前严格的每小时时间匹配规则生效。这种分阶段的方法反映了整合新兴可再生基础设施的挑战，并为生产者提供了更平稳的过渡。
Read Also: Plug Power, EVgo Among JPMorgan's Top Sustainable Picks For 2025
另请阅读：普拉格能源、EVgo是摩根大通2025年的最佳可持续选择
Plug Power's Strategic Position
普拉格能源的战略位置
While Peterson views the guidance as a net positive for Plug Power, the near-term impact remains muted. The company's 2025 revenue growth will continue to rely on backlog orders and international projects.
虽然彼得森认为此指引对普拉格能源是正面的，但短期内的影响仍然有限。公司的2025年营业收入增长将继续依赖于积压订单和国际项目。
However, the updated rules could accelerate U.S.-based electrolyzer growth beyond 2026, a key focus area for Plug Power's expansion.
然而，更新后的规则可能会在2026年之后加速美国的电解槽增长，这是普拉格能源扩展的一个关键重点领域。
The stock's muted reaction suggests that investors had largely priced in these revisions. Going forward, sentiment will likely hinge on PLUG's ability to secure Department of Energy loans and execute margin improvements.
股票的低调反应表明，投资者在很大程度上已经将这些修订计入了。未来，市场情绪可能会取决于普拉格能源获得能源部贷款和执行利润改善的能力。
Looking Ahead
展望未来
The 45V guidance removes uncertainty, but the path to green hydrogen dominance will require patience and execution. Plug Power's future hinges on scaling its electrolyzer business and capitalizing on these policy changes.
45V的指引消除了不确定性，但通往绿氢主导地位的道路将需要耐心和执行。普拉格能源的未来取决于扩大其电解槽业务和利用这些政策变革。
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