Plug Power Inc. is an American company engaged in the development of

hydrogen Hydrogen is the chemical element with the symbol H and atomic number 1. Hydrogen is the lightest element. At standard conditions hydrogen is a gas of diatomic molecules having the formula . It is colorless, odorless, tasteless, non-toxic, an ...

fuel cell A fuel cell is an electrochemical cell that converts the chemical energy of a fuel (often hydrogen) and an oxidizing agent (often oxygen) into electricity through a pair of redox reactions. Fuel cells are different from most batteries in requ ...

systems that replace conventional batteries in equipment and vehicles powered by electricity. The company is headquartered in

Latham, New York Latham is a hamlet (and census-designated place) in Albany County, New York, United States. It is located along U.S. Route 9 in the town of Colonie, a dense suburb north of Albany. As of the 2010 census, the population was 20,736. Latham was ...

, and has facilities in

Spokane, Washington Spokane ( ) is the largest city and county seat of Spokane County, Washington, United States. It is in eastern Washington, along the Spokane River, adjacent to the Selkirk Mountains, and west of the Rocky Mountain foothills, south of the Canada ...

, and

Rochester, New York Rochester () is a City (New York), city in the U.S. state of New York (state), New York, the county seat, seat of Monroe County, New York, Monroe County, and the fourth-most populous in the state after New York City, Buffalo, New York, Buffalo, ...

. Plug Power's GenDrive system integrates fuel cells manufactured by both Plug Power and

Ballard Power Systems Ballard Power Systems Inc. is a developer and manufacturer of proton exchange membrane (PEM) fuel cell products for markets such as heavy-duty motive (consisting of bus and tram applications), portable power, material handling as well as engine ...

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 as the battery drains. GenDrive units occupy the same space designed for conventional batteries.

History

Plug Power was founded in 1997 as a joint venture between

DTE Energy DTE Energy (formerly Detroit Edison until 1996) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services in the United States and Canada. Its operating units include an elec ...

and Mechanical Technology Inc. The company went public in October 1999. The company was subject to a shareholder class action complaint for securities fraud following the IPO for allegedly misleading statements about their fuel cell technology capabilities and on its material sales and distribution relationship with General Electric. By order dated October 30, 2000, the Eastern District of New York court consolidated the complaints into one action, entitled Plug Power Inc. Securities Litigation, CV-00-5553 (ERK) (RML). On December 29, 2004, the company settled the matter with the sum of $5 million paid by Plug Power company directors to plaintiffs. In February 2017, the company announced the first shipments of its ProGen fuel cell engines designed for electric delivery vehicles and the adoption of its GenDrive system by the

USPS The United States Postal Service (USPS), also known as the Post Office, U.S. Mail, or Postal Service, is an independent agency of the executive branch of the United States federal government responsible for providing postal service in the ...

forklift fleet in

Capitol Heights, Maryland Capitol Heights is a town in Prince George's County, Maryland, United States, located on the border of both the Northeast & Southeast quadrants of Washington. Per the 2020 census, the population was 4,050. The town of Capitol Heights is officiall ...

. In February 2020, the company introduced 125 kW Progen fuel cell engines for class 6, 7 & 8 trucks and heavy duty off-road equipment. In January 2021,

SK Group SK Group ( Korean: SK그룹, 에스케이그룹) is the second largest South Korean chaebol behind Samsung Group. SK Group is composed of 186 subsidiaries and affiliates that share the SK brand name and the group's management culture, named SKMS ...

, a major South Korean company, announced to invest $1.5 billion in Plug Power for around 10% share. They will form a joint venture company in South Korea to supply hydrogen fuel cell products to Asian markets. In January 2021, the company signed a memorandum of understanding with French automobile manufacturer

Renault Groupe Renault ( , , , also known as the Renault Group in English; legally Renault S.A.) is a French multinational automobile manufacturer established in 1899. The company produces a range of cars and vans, and in the past has manufactured ...

. The deal would launch a joint venture in France by the end of June 2021. On March 2, 2021, Plug Power filed a Notification of Late Filing with the U.S. Securities and Exchange Commission stating that it could not timely file its annual report for the period ended December 31, 2020. On March 16, 2021, the company announced that they would have to restate financial statements for fiscal years 2018 and 2019 as well as some recent quarterly filings. It is subject to an ongoing shareholder class action lawsuit for securities fraud over alleged misrepresentations and/or failures to disclose its inability to timely file its 2020 annual report and material weaknesses in its internal controls over financial reporting.

References

External links

* {{authority control Engineering companies of the United States Companies based in Albany County, New York Fuel cell manufacturers American companies established in 1997 Technology companies established in 1997 Companies listed on the Nasdaq 1999 initial public offerings Former joint ventures