Plug Power

Plug Power Inc. is an American company engaged in the development of hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity. The company is headquartered in Latham, New York, and has facilities in Spokane, Washington, and Rochester, New York.

Plug Power Inc.
TypePublic
NASDAQ: PLUG
Russell 2000 Component
ISINUS72919P2020
IndustryAlternative energy
Founded1997
Headquarters
Latham, New York
,
United States
Key people
Andrew Marsh, CEO
George C. McNamee, chairman
ProductsFuel cell systems
Revenue US$230.2 million (2019)[1]
-US$50.0 million (2019) [1]
-US$85.5 million (2019) [1]
Total assets US$771.2 million (2019)[1]
Total equity US$134.7 million (2019)[1]
Number of employees
835 (2019)[1]
Websitewww.plugpower.com

Plug Power's GenDrive system integrates fuel cells manufactured by both Plug Power and Ballard Power Systems and incorporates a hydrogen storage system that allows the system to "recharge" in a matter of minutes as opposed to several hours for lead-acid batteries. It allows hydrogen-powered forklifts to run at a constant steady power compared to conventional batteries, which experience "droop" in their output towards the end of a shift. GenDrive units occupy the same space designed for conventional batteries.

History

Plug Power was founded in 1997 as a joint venture between DTE Energy and Mechanical Technology Inc. The company went public in 2002. Indoor forklifts were their first viable market with customers such as Nike, BMW, Wal-Mart, Home Depot, Mercedes-Benz, Kroger, and Whole Foods.

In February 2017, the company announced the first shipments of its ProGen fuel cell engines designed for electric delivery vehicles and the adoption of its GenDrive system by the USPS forklift fleet in Capitol Heights, Maryland.[2][3]

In February 2020, the company introduced 125 kW Progen fuel cell engines for class 6, 7 & 8 trucks and heavy duty off-road equipment.[4] In January 2021, SK Group, a major South Korean company, announced to invest $1.5 billion in Plug Power for around 10% share. They will form a joint venture company in South Korea to supply hydrogen fuel cell products to Asian markets.[5]

In January 2021, the company signed a memorandum of understanding with French automobile manufacturer Renault. The deal would launch a joint venture in France by the end of June 2021.[6]

References
  1. "Plug Power Company 2019 10-K".
  2. "Plug Power Ships First Production Progen Engines for Electric Vehicle Range Extenders". Marketwatch. February 8, 2017. Retrieved February 13, 2017.
  3. "Plug Power Fuel Cells Power USPS Lift Truck Fleet in Maryland". Yahoo! Finance. February 16, 2017. Retrieved February 21, 2017.
  4. "Plug Power introduces new fuel-cell system for heavy duty on-road applications".
  5. "SK Group to invest $1.5 billion in Plug Power to develop hydrogen business".
  6. Claudia Assis (January 12, 2021). "Plug Power stock rallies to nearly 15-year high after analyst calls Renault deal 'validating'". www.marketwatch.com. Retrieved January 12, 2021.


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