Tuesday, December 12, 2017

Schumer advocates fuel cell ITC renewal at NY’s Plug Power facility

Sen. Charles E. Schumer (D-NY)
Sen. Charles E. Schumer (D-NY)
U.S. Sen. Charles E. Schumer (D-NY) recently pushed for bipartisan support to renew the Investment Tax Credit (ITC) for fuel cells while touring the Plug Power facility in Latham, New York, which has used the ITC to grow its business.

“This tax credit not only incentivizes businesses to purchase clean, American-made fuel cells from innovative companies like Plug Power, but it is also a proven job creator,” Schumer said. “When I was last here in 2010, Plug Power was beginning to take advantage of the fuel cell ITC. Today, this company’s revenue has increased by over 400 percent and its workforce has tripled to over 330 employees.”

Fuel cells create electricity by combining hydrogen and oxygen in an electrochemical process. Their byproducts are water and heat, making them a green technology, and they are also quiet and efficient.

“This credit has helped power-up jobs and economic development in the Capital Region in the past and will continue to do so into the future, so long as both sides of the aisle can come together and make this extension a reality,” Schumer said. “So I will continue pressing to get this done and bring my colleagues together, from both sides of the aisle, to pass this extension — because this pro-business credit should continue to allow companies like Plug Power to reap its economic benefits for a generation to come.”

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