1. Nature of Operations
Plug Power is facilitating the paradigm shift to an increasingly
electrified world by innovating cutting-edge hydrogen and fuel cell
solutions. In our core business, we provide and continue to
develop commercially viable hydrogen and fuel cell product
solutions to replace lead-acid batteries in electric material
handling vehicles and industrial trucks for some of the world’s
largest retail-distribution and manufacturing businesses. We are
focusing our efforts on industrial mobility applications,
including electric forklifts and electric industrial vehicles,
at multi-shift high volume manufacturing and high throughput
distribution sites where we believe our products and services
provide a unique combination of productivity, flexibility, and
environmental benefits. Additionally, we manufacture and sell fuel
cell products to replace batteries and diesel generators in
stationary backup power applications. These products have proven
valuable with telecommunications, transportation, and utility
customers as robust, reliable, and sustainable power solutions.
Our current products and services include:
GenDrive: GenDrive is our hydrogen fueled Proton Exchange Membrane
(“PEM”) fuel cell system providing power to material handling
electric vehicles, including class 1, 2, 3 and 6 electric
forklifts, Automated Guided Vehicles (“AGVs”) and ground support
equipment;
GenFuel: GenFuel is our liquid hydrogen fueling delivery,
generation, storage, and dispensing system;
GenCare: GenCare is our 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;
GenSure: GenSure is our 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; GenSure
High Power Fuel Cell Platform will support large scale stationary
power and data center markets;
GenKey: GenKey is our 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;
ProGen: ProGen is our fuel cell stack and engine technology
currently used globally in mobility and stationary fuel cell
systems, and as engines in electric delivery vans. This includes
the Plug Power membrane electrode assembly (“MEA”), a critical
component of the fuel cell stack used in zero-emission fuel cell
electric vehicle engines; and
GenFuel Electrolyzers: GenFuel electrolyzers 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.
We provide our products worldwide through our direct product sales
force, and by leveraging relationships with original equipment
manufacturers (“OEMs”) and their dealer networks. Plug Power is
targeting Asia and Europe for expansion in adoption. Europe has
rolled out ambitious targets for the hydrogen economy and Plug
Power is executing on its strategy to become one of the European
leaders. This includes a targeted account strategy for material
handling as well as securing strategic partnerships with European
OEMs, energy companies, utility leaders and accelerating our
electrolyzer business. We manufacture our commercially viable
products in Latham, New York, Rochester, New York and Spokane,
Washington and support liquid hydrogen generation and logistics in
Charleston, Tennessee.
Our wholly-owned subsidiary, Plug Power France, created a joint
venture with Renault SAS (“Renault”) named HyVia, a French société
par actions simplifiée (“HyVia”) in the second quarter 2021.
HyVia plans to manufacture and sell fuel cell powered
electric light commercial vehicles (“FCELCVs”) 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.