Name: Plug Power
Headquarters: Latham, New York, USA
Shares available for purchase: Yes, since 2002
Is often mentioned in context: Ballard Power Systems, DTE Energy, Mechanical Technology, Amazon
Fuel cell system (Gendrive, GenSure, ProGen), hydrogen refuelling systems (GenFuel)
Plug Power was founded in 1997 as a joint venture between DTE Energy and Mechanical Technology Inc. It started with the production, distribution and sale of forklifts, with which one could win big customers like Nike, BMW, Wal-Mart and many more. By 2017, the Gen series was developed, whereby the offered forklifts were equipped with fuel cells. As a result, forklifts can be used longer and can be refuelled faster than batteries.
Already in 2017 the wholesaler Amazon could be won as a partner. In the same year, Amazon ordered fuel cell forklifts worth $70 million and secured 23 percent of Plug Power's shares by pledging to purchase $600 million worth of products and services. This technological partnership gives Amazon an advantage over Wal-Mart. Wal-Mart already uses thousands of Plug Power fuel cell forklifts in its warehouses and warehouses. Another Plug Power partner is Ballard Power Technologies from Canada, which supplies fuel cell stacks. Among others, Air Liquide is still on the list of investors of Plug Power.
Plug Power finalizes acquisition of United Hydrogen and Giner ELX | 05/2020 - Link
Plug Power with quarterly figures and takeover plans: 05/2020 | Link
Plug Power soon with own hydrogen and electrolyser production? | 07/2020 - Link