Share:
Notifications
Clear all

Plug Power - Stock, IPO & History


onlyamiga
Posts: 103
Admin
Topic starter
(@onlyamiga)
Member
Joined: 9 months ago

Name: Plug Power
Foundation: 1997
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

Products:
Fuel cell system (Gendrive, GenSure, ProGen), hydrogen refuelling systems (GenFuel)

History:
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.

Recent history:
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

 

1 Reply
onlyamiga
Posts: 103
Admin
Topic starter
(@onlyamiga)
Member
Joined: 9 months ago

Plug Power with new, aggressive expansion plans

Plug Power's ambition to build five to six new hydrogen production plants throughout North America could result in investments of half a billion dollars in the next few years.
These investments do not include the 100,000 to 200,000 square meter fuel cell and electrolyzer production facility that the Latham company plans to open by the middle of next year.
Paul Middleton, Chief Financial Officer of Plug Power, estimates that the expansion of the hydrogen platform alone will require investments of around $100 million for each new hydrogen production facility.
"This will not happen in one day. It will happen if we start two or three at the same time and stumble over a few years," Middleton told analysts on September 24 during the company's second annual symposium.

Plug Power (Nasdaq: PLUG) will close the quarter with approximately $500 million in cash on its balance sheet.

Reply
Share: