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Plugging in to a $429 Million Economic Impact at STAMP

Tue, Jul 18th 2023 08:00 am

With construction hitting new milestones at STAMP, the progress at Plug Power’s 45 ton/per day green hydrogen project is eye-catching.

The facility’s pair of spheres where the completed green hydrogen manufactured on site will be stored for transportation are now a gleaming white. Newly installed National Grid power lines tower nearby.

But the impact of this project goes far beyond the immediate construction site.

Economic Impact

In reviewing the Phase I project, the GCEDC conservatively estimates that Plug Power’s investment and operations will generate investments of over $429 million for our community’s economy over the next 20 years.

  • $232.7 million construction investment
  • $95.9 million total wages to professionals
  • $55.3 million contribution to build STAMP 600-megawatt substation
  • $46.0 million contribution to support local services and infrastructure

These investments position Plug Power as a leading contributor to Genesee County’s economy, a role that will grow with an announced Phase II expansion to 74 ton/per day production.

Contributing to Growth

Approved tax agreements will make Plug Power not just one of the largest investments in Genesee County’s history, but also the largest manufacturing contributor to local taxes.

Plug Power is contributing $2.3 million annually to Genesee County, the Town of Alabama, the Oakfield-Alabama Schools, and shared infrastructure improvements.

In fact, the revenues from these 30-acres are generating 10.3 times the revenue that properties now in 1,250-acre STAMP mega-site generated in their previous uses to the Oakfield-Alabama schools!