Plug Power

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 Inc.
TypePublic company
ISINUS72919P2020
IndustryAlternative energy
Founded1997 (1997)
Headquarters
Latham, New York
,
U.S.
Key people
Andrew Marsh, CEO
George C. McNamee, chairman
ProductsFuel cell systems
RevenueIncrease US$701 million (2022)[1]
Increase -US$680.0 million (2022) [1]
Increase -US$724 million (2022) [1]
Total assetsIncrease US$5.764 billion (2022)[1]
Number of employees
3353 (2022)[1]
Websiteplugpower.com

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.

History

Plug Power was founded in 1997 as a joint venture between DTE Energy 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.[2] 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).[3] On December 29, 2004, the company settled the matter with the sum of $5 million paid by Plug Power company directors to plaintiffs.[4]

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.[5][6]

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

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.[9]

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.[10] 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.[11]

References
  1. "Plug Power Revenue 2010-2023 | PLUG".
  2. "SEC 10-K Filing for Power Plug, Fiscal year ended December 31, 2000".
  3. http://d18rn0p25nwr6d.cloudfront.net/CIK-0001093691/82b398c7-2973-4c38-9a8d-2c9208d409c9.pdf
  4. "SEC Form 424B5 Plug Power Inc 424B5 - Prospectus".
  5. "Plug Power Ships First Production Progen Engines for Electric Vehicle Range Extenders". Marketwatch. February 8, 2017. Retrieved February 13, 2017.
  6. "Plug Power Fuel Cells Power USPS Lift Truck Fleet in Maryland". Yahoo! Finance. February 16, 2017. Retrieved February 21, 2017.
  7. "Plug Power introduces new fuel-cell system for heavy duty on-road applications".
  8. "SK Group to invest $1.5 billion in Plug Power to develop hydrogen business". 7 January 2021.
  9. Claudia Assis (January 12, 2021). "Plug Power stock rallies to nearly 15-year high after analyst calls Renault deal 'validating'". www.marketwatch.com. Retrieved January 12, 2021.
  10. Assis, Claudia. "Plug Power to restate financial statements, stock plunges". MarketWatch. Retrieved 2021-03-18.
  11. "Johnson Fistel, LLP Files Class Action Suit Against Plug Power (PLUG) Announces Expanded Class Period" (Press release).
  • Official website
  • Business data for Plug Power Inc.:
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.