Latham, NY 12110
CEO: Andy Marsh
Stock Symbol: PLUG
Plug Power has revolutionized the material handling industry with cost-effective power solutions that increase productivity, lower operating costs and reduce carbon footprints. Plug Power’s GenDrive fuel cell is a superior alternative to lead-acid batteries for electric lift trucks in the $20 billion global material handling market.
Plug Power enters 2012 with a backlog of more than 1,900 GenDrive units representing approximately $36.0 million in revenue.
In 2011, the company had revenues of $27.6 million and net loss of $27.5 million. The company has never turned a profit.
Plug Power now has more than 2,000 GenDrive fuel cell units deployed at live customer sites.
The 2011 orders include:
· First time customers in North America: Associated Wholesale Grocers , Proctor and Gamble and Kroger;
· Repeat customers in North America: Walmart Canada, Walmart USA, Sysco, Coca-Cola, Wegmans and BMW; and
· Global expansion into Europe: Air Liquide, who received Plug Power’s first CE-certified products.
Plug Power was founded in 1995 as a joint
venture between DTE Energy, parent of Detroit Edison (Michigan's
largest electric utility) and Mechanical Technology Inc., an
early developer of fuel cells.
In 2007, Plug Power acquired General Hydrogen.,
a private company providing fuel cell power solutions to the
material handling market. It also acquired Cellex Power Products
Inc., a private company and a leader in providing fuel cell power
solutions to lift trucks and other material handling equipment.
Plug Power offers a competitive compensation
and benefits package, including 401(k) and stock options.