Founder George C. McNamee | Industry Alternative energy Website PlugPower.com Founded 1997 | |
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Key people Andrew Marsh, CEOGeorge C. McNamee, chairman Stock price PLUG (NASDAQ) US$ 1.19 -0.03 (-2.46%)21 Mar, 4:00 PM GMT-4 - Disclaimer CEO Andrew J. Marsh (8 Apr 2008–) Subsidiaries Plug Power Energy India Pvt. Ltd, HyPulsion S.A.S. Profiles | ||
Plug Power is an American company engaged in the design and manufacturing of hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity. The company is headquartered in Latham, New York and has facilities in Spokane, Washington.
Plug Power's GenDrive system integrates fuel cells manufactured by both Plug Power and Ballard Power and incorporates a hydrogen storage system that allows the system to "recharge" in a matter of minutes as opposed to several hours for lead-acid batteries. It allows hydrogen-powered forklifts to run at a constant steady power compared to conventional batteries, which experience "droop" in their output towards the end of a shift. GenDrive units occupy the same space designed for conventional batteries.
History
Plug Power was founded in 1997 as a joint venture between DTE Energy and Mechanical Technology Inc. The company went public in 2002. Indoor forklifts were their first viable market with customers such as Nike, BMW, Wal-Mart, Home Depot, Mercedes-Benz, Kroger, and Whole Foods.
In February 2017, the company announced the first shipments of its ProGen fuel cell engines designed for electric delivery vehicles and the adoption of it's GenDrive system by the USPS truck fleet in Capitol Heights, Maryland.