Plug Power Inc. (‘Plug’) builds an end-to-end clean hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy.
In creating the first commercially viable market for hydrogen fuel cells, the company has deployed more than 72,000 fuel cell systems for forklifts and more than 275 fueling stations. The company intends to deliver its hydrogen solutions directly to its customers, and through joint ventur...
Plug Power Inc. (‘Plug’) builds an end-to-end clean hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy.
In creating the first commercially viable market for hydrogen fuel cells, the company has deployed more than 72,000 fuel cell systems for forklifts and more than 275 fueling stations. The company intends to deliver its hydrogen solutions directly to its customers, and through joint venture partners, into multiple environments, including material handling, supply chain, and logistics, e-mobility, stationary power generation, and industrial applications.
The company is focused on delivering a number of hydrogen solutions to its customers. Its vertically integrated end-to-end hydrogen solutions, which are designed to fit individual customer needs, include hydrogen production equipment or the delivery of hydrogen fuel, including:
Fuel cells: Fuel cells are electrochemical devices that combine hydrogen and oxygen to produce electricity and heat without combustion. The company offers stationary and mobility fuel cell products to its customers, in addition to serving the material handling industry. The company’s fuel cells power material handling vehicles (forklifts), replacing lead-acid batteries. The company supports customers at multi-shift, high-volume manufacturing, and high-throughput distribution sites where its fuel cell products provide a unique combination of productivity, flexibility, and environmental benefits.
Proton exchange membrane (‘PEM’) electrolyzers: The company's electrolyzers use clean electricity to split water into hydrogen and oxygen. Using electrolyzers, customers can generate hydrogen for a variety of applications. PEM technology delivers high power density, carries low weight and volume, and operates at relatively low temperatures, which allows it to start quickly and cause less wear and tear on the system. In support of market growth and its own ambitions, the company has built a state-of-the-art gigafactory to produce electrolyzer stacks in Rochester, New York.
Hydrogen liquefiers: The company has a core competency in liquefaction systems known for their operational efficiency, flexibility, and reliability. The company’s hydrogen liquefaction system has one of the most energy-efficient designs on the market, utilizing hydrogen as the refrigerant in the main liquefaction cycle.
Liquid hydrogen cryogenic solutions: The company has expertise in designing and manufacturing cryogenic solutions, including liquid storage tanks, delivery trailers, vaporizers, portable equipment, and integrated control systems. The company’s hydrogen tanker is one of the largest and lightest trailers currently manufactured, with significant over-the-road payloads.
Hydrogen production: In addition to the company’s pre-existing hydrogen production plant in Tennessee, the company began producing liquid hydrogen at its hydrogen facility in Kingsland, Georgia, in January 2024. Also, the company’s hydrogen production plant in St. Gabriel, Louisiana, is on schedule, as previously announced, for operations in the first quarter of 2025, now entering the final commissioning phase, and the company continues to progress additional new hydrogen production plants throughout the United States, including in New York and Texas.
Business Strategy
The company understands that green hydrogen is integral to addressing climate change in both the short and long term. The company's business strategies are expanding hydrogen production, with a focus on both output capabilities and geography; building out a clean hydrogen network of production plants; scaling production through electrolyzer and fuel cell gigafactories at the company’s gigafactory in Rochester, New York, and the company’s 350,000 square-foot world-class fuel cell manufacturing facility to support the growing demand for fuel cells in Slingerlands, New York; scaling its electrolyzer program to provide comprehensive and economical solutions focused on its 5-megawatt (‘MW’) and 10MW offerings, and using these building blocks; expanding into the large-scale stationary power market, including backup and continuous power applications, such as data centers, microgrids, distribution centers, and electric vehicle (‘EV’) charging; and expanding into new regions that require decarbonization, including in Europe and Asia through joint ventures with Acciona Generación Renovable, S.A. (‘Acciona’) in Spain and SK Innovation Co., Ltd, successor in interest to SK E&S Co., Ltd. (‘SK Innovation’) in South Korea.
Products and Services
The company is facilitating the paradigm shift to an increasingly electrified world by innovating cutting-edge hydrogen and fuel cell solutions.
While the company continues to develop commercially viable hydrogen and fuel cell product solutions, it has expanded its offerings to support a variety of commercial operations that can be powered with clean hydrogen. The company provides electrolyzers that allow customers, such as refineries, producers of chemicals, steel, fertilizer, and commercial refueling stations, to generate hydrogen on-site. The company is focusing its efforts on industrial mobility applications, including electric forklifts and electric industrial vehicles, at multi-shift, high-volume manufacturing, and high-throughput distribution sites where its products and services provide a unique combination of productivity, flexibility, and environmental benefits; production of hydrogen; and stationary power systems that will support critical operations, such as data centers, microgrids, and generation facilities, in either a backup power or continuous power role, and replace batteries, diesel generators, or the grid for telecommunication logistics, transportation, and utility customers. The company expects to support these products and customers with an ecosystem of vertically integrated products that produce, transport, store and handle, dispense, and use hydrogen for mobility and power applications.
The company’s current product and service portfolio includes:
GenDrive: GenDrive is the company’s hydrogen-fueled PEM fuel cell system, providing power to material handling EVs, including Class 1, 2, 3, and 6 electric forklifts, automated guided vehicles, and ground support equipment.
GenSure: GenSure is the company’s stationary fuel cell solution providing scalable, modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; its GenSure High Power Fuel Cell Platform supports large-scale stationary power and data center markets.
Progen: Progen is the company’s fuel cell stack and engine technology currently used globally in mobility and stationary fuel cell systems. This includes the company’s membrane electrode assembly (‘MEA’), a critical component of the fuel cell stack used in zero-emission fuel cell systems.
GenFuel: GenFuel is the company’s liquid hydrogen fueling, delivery, generation, storage, and dispensing system.
GenCare: GenCare is the company’s ongoing ‘Internet of Things’-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and Progen fuel cell engines.
GenKey: GenKey is the company’s vertically integrated ‘turn-key’ solution combining either GenDrive or GenSure fuel cell power with GenFuel fuel and GenCare aftermarket service, offering complete simplicity to customers transitioning to fuel cell power.
Electrolyzers: The design and implementation of 5MW and 10MW electrolyzer systems that are modular, scalable hydrogen generators optimized for clean hydrogen production. Electrolyzers generate hydrogen from water using electricity and a special membrane, and ‘green’ hydrogen is generated by using renewable energy inputs, such as solar or wind power.
Liquefaction Systems: The company’s 15 ton-per-day and 30 ton-per-day liquefiers are engineered for high efficiency, reliability, and operational flexibility — providing consistent liquid hydrogen to customers. This design increases plant reliability and availability while minimizing parasitic losses, like heat leak and seal gas losses.
Cryogenic Equipment: Engineered equipment, including trailers and mobile storage equipment for the distribution of liquefied hydrogen, oxygen, argon, nitrogen, and other cryogenic gases.
Liquid Hydrogen: Liquid hydrogen provides an efficient fuel alternative to fossil-based energy. The company produces liquid hydrogen through its electrolyzer systems and liquefaction systems. Liquid hydrogen supply will be used by customers in material handling operations, fuel cell electric vehicle fleets, and stationary power applications.
The company provides its products and solutions worldwide through its direct sales force, and by leveraging relationships with original equipment manufacturers (‘OEMs’) and their dealer networks. The company is currently targeting Asia, Australia, Europe, the Middle East, and North America for expansion in adoption. The European Union (the ‘EU’) has rolled out ambitious targets for the hydrogen economy, with the United Kingdom also taking steps in this direction, and the company is seeking to execute on its strategy to become one of the European leaders in the hydrogen economy. This includes a targeted account strategy for material handling, securing strategic partnerships with European OEMs, energy companies, utility leaders, and accelerating its electrolyzer business.
Facilities
The company manufactures and/or assembles its products at its manufacturing facilities in Latham, New York; Rochester, New York; Slingerlands, New York; Houston, Texas; and Lafayette, Indiana; and has an expanded customer service center in Dayton, Ohio. In addition, the company has hydrogen production plants in Charleston, Tennessee; Kingsland, Georgia; and St. Gabriel, Louisiana. In 2022, the company opened a warehouse and logistics center in Duisburg, Germany.
Markets, Geography, and Customer Concentration
The company’s products and services predominantly serve the North American, European, and Asian material handling markets, and primarily support large to mid-sized fleet, multi-shift operations in high-volume manufacturing and high-throughput distribution centers. The company has historically experienced fluctuations in its quarterly operating results, with more revenue typically recognized in the second half of the fiscal year as compared to the first half.
Customer demand for clean hydrogen has grown as a low-carbon energy source for hard-to-decarbonize industries, such as heavy-duty transportation, heavy manufacturing (steel, cement, aluminum, and chemicals), stationary power generation, and aviation. The company’s orders at any given time consist of fuel cells, hydrogen installations, maintenance services, electrolyzers, liquefiers, hydrogen trailers, and hydrogen fuel deliveries. The specific elements of the orders have varied terms of timing of delivery and can vary between 90 days to 10 years, with fuel cells and hydrogen installations being delivered in the near term, and maintenance services and hydrogen fuel deliveries being delivered over a longer period of time.
For the year ended December 31, 2024, Walmart, Inc. (‘Walmart’) accounted for 16.6% of the company’s total consolidated revenues. Additionally, 14.4% of its total consolidated revenues were associated with its second-largest customer.
Distribution, Marketing, and Strategic Relationships
The company has developed strategic relationships with established companies in key areas, including distribution, service, marketing, supply, technology development, and product development. The company sells its products worldwide, with a primary focus on North America, Europe, and Asia, through its direct product sales force, OEMs, and their dealer networks. The company operates in Europe under the name Plug Power Europe to sell electrolyzers to customers in the Europe, Middle East, and African (EMEA) region, and to sell hydrogen fuel cell systems for the European material handling market.
The company’s wholly-owned subsidiary, Plug Power LA JV, LLC, created a joint venture with Niloco Hydrogen Holdings LLC, a wholly-owned subsidiary of Olin Corporation (‘Olin’), named ‘Hidrogenii’ in the third quarter of 2022. The construction of the 15-ton-per-day hydrogen production plant in St. Gabriel, Louisiana, progressed as planned in 2024 and is on schedule, as previously announced, for operations in the first quarter of 2025 once the final commissioning phase is complete. Hidrogenii is owned 50% by Plug Power LA JV, LLC and 50% by Niloco Hydrogen Holdings LLC.
The company’s wholly-owned subsidiary, Plug Power France, entered into a joint venture with Renault named HyVia in the second quarter of 2021. HyVia was formed to manufacture and sell fuel cell powered electric light commercial vehicles (‘FCE-LCVs’) and to supply hydrogen fuel and fueling stations to support the FCE-LCV market, in each case primarily in Europe. HyVia is owned 50% by Plug Power France and 50% by Renault.
The company’s wholly-owned subsidiary, Plug Power España S.L. (‘Plug Power Spain’), entered into a joint venture with Acciona, named AccionaPlug S.L., in the fourth quarter of 2021. The joint venture intends to develop clean hydrogen projects in Spain and Portugal and continues to evaluate potential projects. AccionaPlug S.L. has received funding and is owned 50% by Plug Power Spain and 50% by Acciona.
The company entered into a joint venture with SK Innovation named SK Plug Hyverse Co. Ltd. (‘SK Plug Hyverse’), which was initially funded in the first quarter of 2022. SK Plug Hyverse seeks to accelerate the use of hydrogen as an alternative energy source in selected Asian markets. This collaboration aims to provide hydrogen fuel cell systems, fueling stations, electrolyzers, and clean hydrogen to the Korean and other selected Asian markets. The partnership will leverage SK Innovation’s leadership in chemicals, petroleum, and energy, as well as the company’s leading hydrogen platform. This joint venture is owned 49% by the company and 51% by SK Innovation.
The company has also invested in a hydrogen infrastructure and growth equity fund, Clean H2 Infra Fund, a special limited partnership registered in France, since the fourth quarter of 2021. The Clean H2 Infra Fund is focused on clean hydrogen infrastructure through financing projects in the production, storage, and distribution of clean hydrogen. As of December 31, 2024, the company’s ownership percentage in the Clean H2 Infra Fund was approximately 5%.
Intellectual Property
The company has a total of 46 issued patents currently active with the United States Patent and Trademark Office (‘USPTO’), expiring between 2025 and 2042. At the close of 2024, the company had 30 U.S. patent applications pending. Additionally, the company has 18 trademarks registered with the USPTO due for renewal between 2025 and 2031, and 3 trademark applications pending.
Government Regulation
The company certified several models of class 1, 2, and 3 GenDrive products to the requirements of the CE mark with guidance from a European certified body. The company is subject to standards as applied to the design of its electrolyzer products, both domestically and abroad. Such standards include, but are not limited to, ‘Hydrogen Generators Using Water Electrolysis’ (ISO 22734), ‘Hydrogen Technologies Code’ (NFPA 2), ‘Explosive Atmospheres’ requirements (UL 60079), CE product standards within the European Commission, and AS/NZS standards for the company’s products within each jurisdiction, as applicable.
The company’s facilities in the United States are subject to regulation by the Occupational Safety and Health Administration (‘OSHA’), which regulates the protection of the health and safety of workers. In addition, the OSHA hazard communication standard requires that the company maintain information about hazardous materials used or produced in its operations, and that it provides this information to employees, state and local governmental authorities, and local residents. The company is also subject to occupational safety regulations in other countries.
Research and Development
The company’s research and development expense totaled $77.2 million during the year ended December 31, 2024.
History
Plug Power Inc. was founded as a corporation in the state of Delaware in 1997. The company was incorporated in 1997.
