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PLUG - Plug Power Inc (NASDAQ )

Plug Power Overview

Company Summary
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 Power's 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 as the battery drains. GenDrive units occupy the same space designed for conventional batteries.

Plug Power Inc. is a leading provider of hydrogen fuel cell systems and solutions for the mobility and stationary power markets. The company focuses on designing, developing, manufacturing, and servicing hydrogen fuel cell systems that are used to power electric vehicles, forklifts, industrial vehicles, and various stationary power applications.

In the mobility market, Plug Power offers fuel cell solutions for a range of vehicles including electric delivery vans, airport baggage tugs, and ground support equipment. These fuel cell systems provide longer range, faster refueling, and lower costs compared to traditional batteries, making them a viable alternative to internal combustion engines in transportation.

In the stationary power market, the company provides fuel cell systems for applications such as backup power generation, grid-support systems, and off-grid power solutions. These systems can be used in data centers, warehouses, distribution centers, and other facilities to provide reliable and clean power, reducing dependence on traditional power sources.

Plug Power not only manufactures fuel cell systems but also offers comprehensive solutions that include hydrogen infrastructure, fueling stations, aftermarket services, and support. The company aims to integrate fuel cell technology into various industries to reduce carbon emissions, improve energy efficiency, and provide sustainable power solutions.

By enabling companies to transition from fossil fuel-based systems to hydrogen fuel cell technology, Plug Power plays a key role in driving the adoption of clean and sustainable energy solutions across various sectors.