Plug Power Inc.
Russell 2000 Component
IndustryAlternative energy

United States

Key people

Andrew Marsh, CEO
George C. McNamee, chairman
ProductsFuel cell systems
RevenueIncrease US$230.2 million (2019)[1]
Increase -US$50.0 million (2019) [1]
Increase -US$85.5 million (2019) [1]
Total assetsIncrease US$771.2 million (2019)[1]
Total equityIncrease US$134.7 million (2019)[1]

Number of employees

835 (2019)[1]

Plug Power Inc. is an American company engaged in the development 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, and Rochester, New York.

Plug Powers GenDrive system integrates fuel cells manufactured by both Plug Power and Ballard Power Systems 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.


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 its GenDrive system by the USPS forklift fleet in Capitol Heights, Maryland.[2][3]

In February 2020, the company introduced 125 kW Progen fuel cell engines for class 6, 7 & 8 trucks and heavy duty off-road equipment.[4] In January 2021, SK Group, 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.[5]

In January 2021, the company signed a memorandum of understanding with French automobile manufacturer Renault. The deal would launch a joint venture in France by the end of June 2021.[6]

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.[7]


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