Plug Power Inc. is an American company engaged in the development of hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity.
- CEO: Andrew J. Marsh (Apr 8, 2008–)
- Revenue: 230.2 million USD (2019)
- Headquarters: Latham, New York
- Founder: George C. McNamee
- Facilities in Spokane, Washington, and Rochester, New York
- Founded: 1997
- plugpower.com
Plug Power supplies hydrogen fuel cells mainly for forklifts in large warehouses. Clients include retail giants Amazon (AMZN), Walmart (WMT), Nike (NKE) and Home Depot (HD). PLUG stock went public in 2002.
The company aims to produce more than half of its hydrogen energy from entirely renewable sources by 2024. It also aims to branch out from forklifts to heavy-duty vehicles to serve ports in the U.S. and Europe, as well as stationary fuel cells to power data centers and distribution hubs.
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Plug Power's Partnerships
On July 14, Plug Power announced it was partnering with Charlottesville, Va.-based Apex Clean Energy in a 345 MW wind power purchase agreement and a development plan to open a green hydrogen production facility. Terms of the deal were not disclosed. Shares fell 5% following the announcement.
The power purchased through the PPA will directly supply a new hydrogen production plant with 100% renewable power, the companies said in a statement. The hydrogen plant will be the first and largest wind-supplied hydrogen project in the U.S. and the largest onshore wind-powered project across the globe. Once operational, the plant is expected to produce over 30 metric tons per day of clean liquid hydrogen, enough to fuel the equivalent of over 2,000 light commercial vehicles or over 1,000 heavy duty class 8 trucks.
On June 3, Plug and French carmaker Renault said their Hyvia joint venture to make hydrogen-powered vans was under way. The partnership plans to begin building three types of fuel-cell vans at existing Renault plants in France by the end of this year. The three models will be based on the Renault Master platform of vans and use the same electric motors that now power the all-electric version of the Master.
The project also includes the installation of hydrogen charging stations across Europe, supply of carbon-free hydrogen as well as maintenance and management of fleets.
In April, oilfield supplier Baker Hughes (BHI) joined Plug Power and Chart Industries to establish a private fund that provides capital for large-scale, clean-hydrogen infrastructure projects.
Meanwhile, on Feb. 25, South Korean conglomerate SK Group closed its $1.6 billion investment into a joint venture with Plug Power to expand hydrogen energy in Asia. The joint venture should launch this year.
The partnership will provide hydrogen fuel cell systems, hydrogen fueling stations and electrolyzers to South Korea and other Asian markets.
Plug Power CEO Andy Marsh poses in the production facility in Latham in February 2019.
Expanding Footprint
On June 10, Plug Power announced plans to build a plant in Camden County, Georgia. The plant will produce 15 tons per day of liquid green hydrogen intended to fuel transportation applications, including material handling and fuel cell electric vehicle fleets. Plug Power is investing $84 million in the facility, which is to open in 2022.
On March 30, Plug Power said it planned to open a green hydrogen production plant in south-central Pennsylvania with Brookfield Renewable Partners. PLUG stock jumped 11% on the news. Construction is slated for the first quarter of 2022. The plant is expected to be online by late 2022.
On April 29, Plug Power announced a plan to integrate its ProGen fuel cell engines into BAE Systems' electric buses. The two companies will also work on developing hydrogen and refueling infrastructure to end-customers use points.
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