Plug Power
| Company type | Public |
|---|---|
| Industry | Fuel cells, Hydrogen technology |
| Founded | 1997 |
| Headquarters | Slingerlands, New York , United States |
| Products | Hydrogen fuel cells, Electrolyzers, GenDrive system, ProGen fuel cell engines, GenEco electrolyzers |
| Website | www |
Plug Power Inc. is a U.S.-based enterprise focused on developing hydrogen fuel cell and electrolyzer technologies designed to substitute traditional batteries in electric machinery and vehicles. The company’s headquarters are located in Slingerlands, New York, with additional operational sites in Spokane, Washington and Rochester, New York.
The GenDrive solution from Plug Power combines fuel cells produced by Plug Power and Ballard Power Systems alongside a hydrogen storage system that enables fast refueling—reducing downtime from hours, typical of lead-acid batteries, to mere minutes. This technology delivers consistent power to hydrogen-powered forklifts while fitting seamlessly into existing battery compartments.
History
Established in 1997 as a joint venture between DTE Energy and Mechanical Technology Inc., Plug Power went public in October 1999.
Shortly after its initial public offering, the company encountered a shareholder class action lawsuit alleging securities fraud linked to inaccurate claims about fuel cell performance and sales agreements with General Electric. The lawsuit was consolidated in 2000, culminating in a $5 million settlement paid by Plug Power’s board members in 2004.
In February 2017, Plug Power dispatched its inaugural ProGen fuel cell engines aimed at electric delivery vehicles and secured the deployment of its GenDrive system within the USPS forklift fleet located in Capitol Heights, Maryland. By February 2020, the company launched 125 kW ProGen fuel cell engines intended for class 6–8 trucks and heavy-duty off-road machinery.
January 2021 marked SK Group of South Korea investing $1.5 billion for nearly a 10% stake, leading to the formation of a joint venture focused on distributing hydrogen fuel cell products throughout Asia. Concurrently, Plug Power entered into a memorandum of understanding with French car manufacturer Renault to establish a joint venture based in France.
On March 2, 2021, Plug Power informed the Securities and Exchange Commission about a delay in filing its annual report for 2020. By mid-March, the company announced financial restatements covering years 2018, 2019, and recent quarters. These disclosures have resulted in an ongoing shareholder class action accusing the firm of securities fraud due to these restatements and identified internal control deficiencies.
To mitigate challenges posed by limited hydrogen refueling infrastructure, Plug Power provides mobile refueling units tailored for transit authorities and trucking operations.
In October 2025, Plug Power completed delivery of the first unit among ten 10MW GenEco electrolyzers to Galp's Sines Refinery. This comprehensive 100MW initiative is designed to substitute 20% of Galp’s consumption of gray hydrogen while cutting carbon dioxide emissions by approximately 110,000 tons annually.