Plug Power
| Public (NASDAQ: PLUG) | |
| Industry | Industrial Electrical Equipment |
| Founded | 1997 |
| Headquarters | Latham, New York, USA |
Key people | Andrew Marsh, CEO and George C. McNamee, chairman |
| Products | Fuel cell systems |
| Website | www.plugpower.com |
Plug Power designs and manufactures fuel cell systems that replace conventional batteries in equipment powered by electricity. Indoor forklifts were their first viable market with customers such as Nike, BMW, WalMart, Home Depot, Mercedes, Kroger, and Whole Foods. The Plug Power 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 a matter of hours for conventional batteries. Two main benefits exist for hydrogen powered forklifts vs traditionally used lead acid batteries. 1) Hydrogen can be re-filled in a few minutes vs lead acid battery change out time of 20-30 minutes. 2) Hydrogen powered forklifts run at a constant steady power compared to lead acid batteries which experience "droop" in their output towards the end of a shift. These two advantages make employees operating Plug powered equipment more efficient thus saving companies money over the life of the product. The GenDrive unit powers the forklift and occupies the same space that was designed for a conventional battery. Plug Power does not manufacture forklifts, just systems that provide the power in a more efficient and environmentally friendly way than standard batteries.
History
Plug Power was founded as a joint venture between DTE Energy and Mechanical Technology Inc. in 1997.