Plug Power

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Plug Power
Public (NASDAQPLUG)
Industry Industrial Electrical Equipment
Founded 1997
Headquarters Latham, New York, USA
Key people
Andrew Marsh, CEO and George C. McNamee, chairman
Products Fuel cell systems
Website www.plugpower.com

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.

President's Message[edit]

We’ve built a special business at Plug Power – rooted in market understanding, customer trust and a proven technology. We’ve passed our days as a research and development organization – today we operate globally with Fortune-500 customers in multiple industries including material handling, stationary power, and hydrogen distribution.  All of our solutions offer our customers reliable alternative power, productivity savings and help them dramatically reduce their carbon emissions. Collectively, we have deployed over 9,000 fuel cell products globally.

As the hydrogen energy landscape blossoms, so does Plug Power, continually exploring additional opportunities to leverage the technical capabilities of our talented staff that has generated more than 180 patents. As the leader in the commercial integration of PEM fuel cells, we see future commercial applications emerging every day. Simply put, if an internal combustion engine is used today, a fuel cell can be used tomorrow…and Plug Power is the industry leader in making this possibility a reality[1].

History[edit]

Plug Power was founded as a joint venture between DTE Energy and Mechanical Technology Inc. in 1997.

Criticism[edit]

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.

References[edit]

  1. ^ "President’s Message". Retrieved 2015-04-28.