Plug Power

Plug Power
Public (NASDAQ: PLUG)
Industry Fuel Cell, Energy Storage
Founded 1997
Headquarters Latham, New York, USA
Key people
 Andrew Marsh, CEO and George C. McNamee, chairman
Products Fuel Cell
Website www.plugpower.com

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.[8]

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]

Products

GenDrive - Plug Power’s GenDrive fuel cell product line provides a product suite for warehouse and distribution center lift trucks that are converted from battery to fuel cell power. The GenDrive fuel cells are a drop-in replacement for lead-acid batteries, fitting into existing compartments on all major OEM material handling equipment.[14] Refueling of GenDrive units takes only minutes and is done by lift truck drivers at hydrogen fuel dispensers installed by Plug Power onsite. The only by-products generated by fuel cells are heat and water.[15]

GenSure – Plug Power’s GenSure (formerly ReliOn) addresses stationary power customer needs. In 2015, Plug Power introduced an integrated outside plant enclosure as part of a turnkey fuel cell backup power and hydrogen servicing solution, which represents an opportunity to reduce the radio shack footprint at the base of cellular telecommunications towers. The single cabinet solution provides space for network power and communications equipment, reducing capital and operational expenses at each site.[16]

GenFuel – Plug Power’s GenFuel provides onsite hydrogen fuel infrastructure for its motive and stationary customers. GenFuel services include the design, procurement, commissioning and maintenance for all the components required to successfully dispense hydrogen without disruption to the customer’s operations.[17]

GenCare – Plug Power’s GenCare provides real-time monitoring of every system in its deployed GenDrive and GenFuel fleets. Plug Power GenCare technicians monitor fleet availability, unit uptime, fuel cell, hydrogen skid and dispenser pressures, and infrastructure in use – in real-time, allowing the company to identify a problem before it affects customers, resulting in customer sites running at, or above, its guaranteed 97% uptime.[18]

References

  1. ↑ Aaron Faulkner (May 21, 2015). "Why Investors Should Not Pull The Power On Plug Power This Year". Seeking Alpha. Retrieved October 21, 2016.
  2. ↑ Chelsea Diana (May 19, 2015). "Plug Power on tour: CEO talks 2015 revenue, future growth (Video)". Albany Business Review. Retrieved October 21, 2016.
  3. ↑ Larry Rulison (November 13, 2015). "Plug Power to use 3M as a supplier". Albany Times Union. Retrieved October 21, 2016.
  4. ↑ Scott Levine (May 14, 2016). "Is Plug Power Surging Ahead in the Fuel-Cell Market?". Fox Business. Retrieved October 21, 2016.
  5. ↑ Larry Rulison (February 2, 2016). "Schumer pledges push for Plug Power tax credit". Albany Times Union. Retrieved October 21, 2016.
  6. ↑ Heather Clancy (October 20, 2014). "Energy Storage Fuels Pick-up In Fuel Cell Sales". Forbes. Retrieved October 21, 2016.
  7. ↑ na (August 6, 2015). "SouthernLINC Wireless to Launch LTE Service in 3 Markets in Mid-2016". RadioResource Media Group. Retrieved October 21, 2016.
  8. ↑ na (July 1, 2014). "Which fuel is the best choice for your location?" (PDF). Plug Power. Retrieved October 21, 2016.
  9. ↑ Jim Alkire and Sara Dillich (2012). "FY 2012 Annual Progress Report DOE Hydrogen and Fuel Cells Program" (PDF). U.S. Department of Energy. Retrieved October 21, 2016.
  10. ↑ Roberto Michel (March 23, 2015). "Plug Power's turnkey approach to hydrogen fuel cells gains traction". Modern Materials Handling. Retrieved October 21, 2016.
  11. ↑ Heather Clancy (February 27, 2014). "Walmart Doubles Down on Hydrogen Fuel Cells". Forbes. Retrieved October 21, 2016.
  12. ↑ na (April 8, 2014). "Plug Power Acquires ReliOn Inc. For Fuel Cell Stack Technology". Food Logistics. Retrieved October 21, 2016.
  13. ↑ Anna Hirtenstein (July 27, 2015). "Plug Power Acquires Full Ownership of Joint Venture HyPulsion". Bloomberg. Retrieved October 21, 2016.
  14. ↑ Jessica Lyons Hardcastle (January 17, 2014). "Plug Power Incorporates Fuel Cells, Hydrogen Infrastructure, Maintenance". Environmental Leader. Retrieved October 21, 2016.
  15. ↑ na (April 30, 2015). "The Sustainability and Productivity Benefits of Hydrogen Fuel Cells". Forklift Action. Retrieved October 21, 2016.
  16. ↑ J. Sharpe Smith (May 20, 2015). "Carriers' Move to VoLTE Represents Opportunity for Fuel Cells". Above Ground Level Media Group. Retrieved October 21, 2016.
  17. ↑ Jessica Lyons Hardcastle (January 17, 2014). "Plug Power Incorporates Fuel Cells, Hydrogen Infrastructure, Maintenance". XX. Retrieved October 21, 2016.
  18. ↑ na (February 5, 2016). "Historic Snowstorm No Match for Plug Power's hydrogen and fuel cell solution". FuelCellsWorks. Retrieved October 21, 2016.
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