Plug Power

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Plug Power
Public (NASDAQPLUG)
Industry Alternative energy
Founded 1997
Headquarters Latham, New York, USA
Key people
Andrew Marsh, CEO
George C. McNamee, chairman
Products Fuel cell systems
Website PlugPower.com

Plug Power is an American company engaged in the design and manufacturing 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.

Plug Power's GenDrive system integrates fuel cells manufactured by both Plug Power and Ballard Power 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[edit]

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 truck fleet in Capitol Heights, Maryland.[1][2]

In April 2017, Amazon.com purchases over 50 million shares of Plug Power common stock and enters into agreement to use hydrogen technology within its warehouses for fulfillment. [3]

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