The Biden administration finalized rules meant to boost domestic production of hydrogen fuel through a new tax credit, a move that might also keep struggling nuclear power plants on line for longer.

Hydrogen startups are widely seen as a promising way to eliminate fossil fuels from heavy industry and long-haul transportation. But they have been stuck

Key Takeaways Plug Power shares surged for a second straight session on new tax credit rules for clean hydrogen production.Last week, the Treasury Department issued the final rules for the tax credits spelled out in the Inflation Reduction Act of 2022.

Last year, the administration selected seven hydrogen hubs to receive up to $7 billion from the 2021 bipartisan infrastructure law. In mid-December, the Department of Energy launched environmental reviews for three of the hubs.

The guidance, which notably leans toward a less restrictive temporal matching approach for emissions accounting, faces an uncertain future with a looming Trump presidency.

Plug Power Inc. (PLUG) stock surged nearly 20% in morning trade on Monday after the U.S. Department of the Treasury released the final rules on tax credits for clean hydrogen production under the Inflation Reduction Act (IRA).

The US’ 45V hydrogen tax credit is among the most – if not the most – generous incentives for hydrogen production in the world, according to industry experts.

Incoming Senate Environment and Public Works Chair Shelley Moore Capito (R-W.Va.) says her party may not spare hydrogen tax credits crafted by Democrats. Francis Chung/POLITICO Democrats and their allies welcomed the Treasury Department’s final guidance,