|Public (NASDAQ: PLUG)|
|Industry||Industrial Electrical Equipment|
|Headquarters||Latham, New York, USA|
|Andrew Marsh, CEO and George C. McNamee, chairman|
|Products||Fuel cell systems|
Plug Power designs and manufactures fuel cell systems that replace conventional batteries in equipment powered by electricity. Indoor forklifts were their first viable market with customers such as BMW, WalMart, Mercedes, Kroger, and Whole Foods. The Plug Power GenDrive system integrates fuel cells manufactured by Ballard Power and incorporates a hydrogen storage system that allows the system to "recharge" in a matter of minutes as opposed to a matter of hours for conventional batteries. The GenDrive unit powers the forklift and occupies the same space that was designed for a conventional battery. Plug Power does not manufacture forklifts, just systems that provide the power in a more efficient and environmentally friendly way than standard batteries.
Plug Power was founded as a joint venture between DTE Energy and Mechanical Technology Inc. in 1997.
In 2004, Plug reached a $5 million cash settlement in the shareholders' class action lawsuit commenced against Plug Power in August 2000, for inflating the stock price by issuing material misrepresentations.
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