Plug Power
968 Albany Shaker Road, Latham, New York, United States

Plug Power’s Infinite Drive continues to focus our efforts toward innovating toward a future when hydrogen and fuel cells will be ubiquitous globally. Today’s fuel cell users independently complete a hydrogen refueling every 5 seconds, adding up to more than 3 million refuelings completed with our GENFUEL offering.  Enabling adoption into the future means harnessing our strengths and embracing the opportunities to continually develop cost-effective, repeatable, ubiquitous hydrogen solutions that we can deliver to more and more adjacent markets.

Plug Power Inc. (NASDAQ: PLUG), is a hydrogen and fuel cell systems manufacturer and has made alternative energy an economically viable alternative for businesses globally. Plug Power’s hydrogen and fuel cell systems are intended to increase productivity, lower operating costs and reduce greenhouse gas emissions for users.^[1]

Plug Power’s hydrogen and fuel cells primarily power industrial mobility applications, including electric forklifts and other material handling equipment in large warehouses and distribution centers. They also power stationary power sites, and have the potential to power tethered fleet vehicles, refrigerated trucks and vehicles used to transport luggage at airports.^[2] The company focuses on proton exchange membrane (PEM) fuel cell technology.^[3] Plug Power strives to be a full-service provider and provides customers with its GenKey complete range of turnkey services, which includes fuel cells, hydrogen molecule and infrastructure and aftermarket customer service and support.^[4]

Headquartered in Latham, New York, the company also has offices in Spokane, Washington, Dayton, Ohio, Chicago, IL and Boulogne-Billancourt, France. As of June 2016, Plug Power had 330 employees ^[5] and its key customers include Walmart, Sysco, Procter & Gamble, BMW, Mercedes-Benz,^[6] FedEx, SouthernLINC,^[7] AT&T and Sprint.

History

2007-2014: Plug Power streamlined focus specifically on its GenDrive product to address material handling customers with electric lift truck fleets. In these years, Plug Power attracted early-adoptor customers including Fedex Freight, GENCO, Sysco and Walmart.^[9]

2014: Plug Power extended its product offerings to include its GenFuel hydrogen storage and dispensing system, and GenCare its aftermarket service and support. These items, packaged with GenDrive power, were the generation of GenKey, Plug Power’s full-service hydrogen, fuel cell and service package.^[10]

February 2014: Plug Power announced it had received a significant GenKey contract from a leading retailer, Walmart, to roll out its turnkey hydrogen fuel cell system solutions at six North America distribution centers over approximately a two-year period. Walmart increased this commitment to a seventh site in July 2014.^[11]

April 2014: Plug Power announced it acquired the assets of ReliOn Inc., a developer of hydrogen fuel cell stack technology and fuel cell systems based in Spokane, Washington. The acquisition added valuable fuel cell stack technology and products that Plug Power plans to integrate into several models of its GenDrive fuel cell system.^[12]

July 2015: Plug Power Acquired full control of HyPulsion, a hydrogen and fuel cell business in Europe for $11.47 million to address the need for hydrogen and fuel cell power in Europe.^[13]