Plug Power (NASDAQ:PLUG) is a green energy play focused on Hydrogen and hydrogen fuel cells and it is the leader in the push toward a green hydrogen economy. Among the many advantages of hydrogen fuel cells are the unlimited supply of hydrogen and the ability to harvest it from renewable, green energy sources. Additionally, power-sensitive industries like Health Care, Data Centers, and Communications services can ensure their own operations by utilizing hydrogen fuel cells as a primary or back-up system.
Plug Power Inc develops, designs, manufactures, markets, installs, and services a line of end-to-end hydrogen and zero-emission fuel cell solutions. These solutions are tailored for supply chain and logistics applications, on-road electric vehicles, and stationary power generation for businesses and industries in North America and internationally.
Green Hydrogen is hydrogen split from a base molecule using electricity generated by sustainable sources such as fuel cells, solar, or wind. One of the most visible uses of hydrogen fuel cells is in warehouse settings where it is used to run loaders and forklifts. The technology not only saves on costs but reduces emissions within an enclosed warehouse or retail space. A few of the companies capitalizing on the technology are Walmart, Amazon, FedEx, and The Home Depot. The company was founded in 1997, went public in 1999, and is headquartered in Latham, New York.
Plug Power’s goal is to build an end-to-end green hydrogen ecosystem that includes green hydrogen production, storage and delivery, and energy generation through a network of grid-connected power stations and refueling points. A key milestone in the company’s history was hit in 2014 when Plug Power, Inc deployed the GenKey solutions for the first time. The GenKey system is a suite of turnkey services that streamlines the upgrade to hydrogen fuel cells. Essentially, Plug Power installs and hen services fully-operational fuel cell systems. These solutions include IoT connectivity for maintenance and servicing that ensures best-in-class uptime for all fuel cell solutions.
Among the company’s many products are proton exchange membrane (PEM) for fuel cells, individual fuel cells and hydrogen fuel processing technologies, and hybrid EV/Hydrogen technologies as well as equipment for hydrogen and green hydrogen generation, storage, and dispensing infrastructure.
Plug Power, Inc. has strategic agreements with Airbus, Lhyfe, Edison Motors, Phillips 66, Apex Clean Energy, BAE Systems, and Universal Hydrogen Co. The partnership with Airbus is exploring the use of hydrogen in airplanes and airports, the partnership with Lhyfe is expanding hydrogen use in the EU logistics market, the partnership with Edison Motors is focused on a hydrogen-only city bus solution, and the deal with Phillips 66 aims at expanding and scaling Plug Power’s hydrogen production capabilities as needed.
