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.

The Biden administration on Tuesday finalized a guidance that expands a tax credit that has historically applied only to wind and solar power to a range of other energy technologies. Under a new guidance issued Tuesday,

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.

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.