Plug Power
- Company typePublic
- Founded1997
- HeadquartersLatham, United States
- Headcount1,001–5,000
- GTM typeB2B
- OfferingHardware or Manufacturing
Plug Power firmographics
Firmographics- Name
- Plug Power
- Legal name
- Plug Power Inc.
- Website
- https://plugpower.com
- Company type
- Public
- Founded year
- 1997
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Ownership category
- akta.pro rank
Plug Power industry classification
Industry- Product category
- Green Hydrogen and Fuel Cell Systems
- NAICS
- Turbine and Turbine Generator Set Units Manufacturing (333611), Other Electric Power Generation (221118)
- SIC
- Motors & Generators (3621), Engines & Turbines (3510)
- akta.pro primary industry
- Fuel Cell Distributed Generation (Hydrogen/Natural Gas SOFC/PEM) (EUACALAK)
- akta.pro secondary industries
- Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems) (IMAGAHAM), Microturbines, Fuel Cells & Distributed Generation Prime Movers (IMAHAFAH)
Keywords
Where Plug Power is headquartered
LocationHeadquarters
- HQ city
- Latham
- HQ country
- United States
- HQ region
- North America
Offices6 records
Markets served
Plug Power business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Technology or R&D, Infrastructure, Personnel, Marketing or Sales
Revenue model
- Fuel Cell Systems: Sale of hydrogen fuel cell systems including GenDrive for material handling, GenSure for stationary power, and ProGen for e-mobility applications. Revenue recognized from hardware sales with ongoing aftermarket service contracts.
- Hydrogen Fuel Supply: Production and sale of green hydrogen through owned liquefaction plants and delivery network. Includes hydrogen generation, liquefaction, storage, transportation, and dispensing services through GenFuel brand.
- Electrolyzer Sales and Services: Sale and deployment of GenEco PEM electrolyzer systems for industrial green hydrogen production projects. Includes 5MW and 10MW modular units along with project engineering and commissioning services.
- Aftermarket Services (GenCare): Comprehensive service packages including system monitoring, predictive analytics, preventive maintenance, training, and rapid-response onsite service. Features SiteView intelligent IoT data tool for uptime optimization.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Project-based custom pricing for enterprise customers |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Plug Power product offering
Product offeringCore offering
Plug Power manufactures and sells an integrated green hydrogen and fuel cell ecosystem, including GenDrive fuel cells for material handling forklifts, GenSure stationary power systems, GenEco PEM electrolyzers for green hydrogen production, hydrogen liquefiers, and cryogenic transport equipment. The company bundles these hardware products with GenFuel hydrogen supply, GenCare aftermarket service, and the GenKey turnkey implementation solution for industrial customers seeking zero-emission power alternatives to batteries and combustion engines.
Product overview
Plug Power is a green hydrogen energy company offering an integrated, end-to-end hydrogen ecosystem encompassing fuel cell power generation, green hydrogen production via electrolysis, hydrogen liquefaction and storage, cryogenic transportation, and dispensing infrastructure. The core product portfolio centers on GenDrive (fuel cells for material handling forklifts), GenSure (stationary power systems for backup/primary power), GenEco (PEM electrolyzers for green hydrogen production), and GenFuel (hydrogen delivery and dispensing solutions). Supporting these are Hydrogen Liquefiers (15-30 TPD capacity), Cryogenic Solutions (trailers and storage equipment), and integrated service packages including GenKey (turnkey implementation bundling power, fuel, and service), GenCare (aftermarket support with SiteView IoT monitoring), and Hydrogen Services (delivery and infrastructure operations). The company also manufactures ProGen hydrogen engines for e-mobility applications. The ecosystem integrates vertically from production (electrolyzers) through liquefaction, transport, storage, and dispensing to end-use power generation, making it the only company offering a complete hydrogen platform in the industry.
Differentiator
Problem solved
Functional benefit
Brands
- GenDrive: Material handling fuel cell products for forklifts and warehouse equipment, including Series 1000, 2000, and 3000 fuel cells.
- GenSure
- GenFuel
- GenEco
- ProGen
- Applied Cryo Technologies
Products and services
- GenDrive Fuel Cell Systems Hydrogen fuel cell products for material handling power, serving Class 1, 2, and 3 electric forklift trucks as drop-in battery replacements, including Series 1000, 2000, and 3000 fuel cell models, enabling 24/7 operation with 3-minute refueling versus 12-15 minutes for battery charging.
- GenSure Stationary Power Systems Stationary hydrogen fuel cell power systems for backup, intermittent, and primary power applications, available in W-Scale (200W to 2.5kW) and MW-Scale (125kW modular arrays) configurations for telecommunications, utilities, data centers, government, microgrid, railroad, and fire reduction applications.
- GenEco PEM Electrolyzers PEM (Proton Exchange Membrane) electrolyzer products for green hydrogen production, including EX-2125D and EX-4250D electrolyzer models plus modular 5 MW and 10 MW systems designed to pair with renewable energy sources for clean hydrogen production.
- GenFuel Hydrogen Solutions Complete hydrogen delivery and fueling infrastructure, including hydrogen molecule supply, station/storage cabinet design, procurement, construction, commissioning, maintenance, and proprietary hydrogen dispensers with fast-fill and industrial IoT reporting capabilities.
- Hydrogen Liquefiers (LX-15T and LX-30T) Ultra-efficient hydrogen liquefaction systems available in 15 ton-per-day (LX-15T) and 30 ton-per-day (LX-30T) capacities, featuring specific energy consumption below 11 kWh/kg, dual 50% hydrogen refrigeration compressors for maximized availability, and a machine learning-enabled integrated control system.
- Cryogenic Solutions Cryogenic transportation, storage, and integrated equipment solutions for liquid hydrogen, LNG, and industrial gases, including liquid hydrogen trailers with up to 4,500 kg payload, high-vacuum insulated tanks, and pumping/vaporization systems, combining ACT, Alloy Custom Products, and WesMor Cryogenics under Plug's umbrella.
- ProGen Hydrogen Engines Hydrogen fuel cell engines for on-road electric vehicles and e-mobility applications including fleet vehicles, ground support equipment (GSE), industrial robotics, and aerospace/UAVs, with modular 125kW ProGen engines scalable for various power requirements.
- GenKey Turnkey Implementation Turnkey implementation solution bundling GenDrive/ProGen/GenSure power, GenFuel hydrogen fueling station and molecule, and GenCare aftermarket service into a single package for simplified hydrogen fuel cell adoption in asset-intensive applications.
- GenCare Aftermarket Services Comprehensive aftermarket service package including advanced system monitoring, predictive analytics, preventive maintenance, training, rapid-response onsite service by GenCare technicians, and SiteView intelligent IoT data tool for uptime optimization.
- Hydrogen Services Full-service hydrogen support including station build, molecule delivery, and operations, featuring six high-pressure tube trailers regionally positioned throughout North America for 24x7 quick response hydrogen delivery, plus capabilities in hydrogen generation, liquefaction, and distribution.
Quantifiable outcome
- Over 74,000 fuel cell systems deployed globally with 1 billion+ hours of runtime
- +5 more outcomes
Companies that use Plug Power
Customer profileNamed customers10 records
Segments4 records
Ideal customer profiles3 records
Plug Power technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Plug Power partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core and flagship.
- Hy2gen CanadacoreFront-End Engineering Design (FEED) contract for 275 MW GenEco PEM electrolyzer system for Hy2gen Canada's Courant project in Baie-Comeau, Quebec. Project supports low-carbon ammonia production for mining applications. Construction scheduled for 2027 with full commissioning by 2029.
- Galpflagship100 MW PEM electrolyzer installation at Galp's Sines refinery in Portugal, one of Plug Power's major European electrolyzer deployments. Project supports industrial decarbonization at European refinery operations.
- Iberdrola and BPflagship25 MW electrolyzer project in Spain developed with Iberdrola and BP, representing Plug Power's entry into Spanish green hydrogen market for industrial applications.
- European Energycore8.1 MW dual-electrolyzer setup at European Energy's Måde Power-to-X facility in Esbjerg, Denmark. Includes 5 MW Plug GenEco PEM electrolyzer plus Stiesdal machine. Facility produces approximately 550 metric tonnes of RFNBO-certified green hydrogen annually. Site combines 16 MW wind power and 5 MW/20 MWh battery storage.
- Olin CorporationcoreJoint venture Hidrogenii with Olin Corporation for hydrogen liquefaction facility in St. Gabriel, Louisiana. Facility commissioned April 2025 with 15-ton-per-day capacity, among largest hydrogen liquefaction plants in North America. Plug Power and Olin share ownership and operational responsibilities for green hydrogen production.
- ArcelorMittalflagshipElectrolyzers delivered for ArcelorMittal's green steel project in Bremen, Germany. Plug Power equipment supporting industrial decarbonization at major European steel producer.
- Major Industrial Gas Company (unnamed)coreHydrogen sourcing agreement with major industrial gas company to reduce fuel costs and expand hydrogen delivery geographic reach across the United States.
- HOPE (North Sea Project)core10 MW PEM electrolyzer deal with HOPE project in the North Sea region, supporting renewable hydrogen production in Europe.
- Schroders Greencoat and Carlton Power (GHECO Joint Venture)coreGreen Hydrogen Energy Company (GHECO) joint venture between Schroders Greencoat and Carlton Power developing UK green hydrogen projects including 30 MW Barrow project. Plug Power supplies GenEco PEM electrolyzers. Project backed by UK Government's Hydrogen Business Model and Hydrogen Allocation Round 1. Goal of 200 MW portfolio of UK green hydrogen projects by 2030.
- 100 MW European Electrolyzer Dealflagship100 MW electrolyzer deal for green hydrogen project in Europe under BEDP (Base Engineering Design and Procurement) contract, representing significant European market expansion.
Scale indicators7 records
Recent moves8 records
Expansion highlights6 records
Plug Power competitors and assessment
Company assessmentDirect peers
- Nel ASA: Norwegian-based PEM electrolyzer and hydrogen fueling station manufacturer. Directly comparable to Plug's GenEco PEM electrolyzer and GenFuel product lines, serving overlapping industrial green hydrogen and mobility customers in Europe and North America.
- ITM Power: UK-based PEM electrolyzer manufacturer focused on industrial-scale green hydrogen production. Comparable to Plug's GenEco line, with similar project-based business model and exposure to UK/EU RFNBO-certified hydrogen markets.
- Bloom Energy: California-based solid oxide fuel cell manufacturer for stationary power and recently hydrogen production via solid oxide electrolyzers. Competes with Plug's GenSure stationary power systems and increasingly with GenEco in industrial hydrogen production.
- Ballard Power Systems: Canadian PEM fuel cell manufacturer serving heavy-duty mobility (buses, trucks, rail) and stationary power markets. Closely comparable to Plug's ProGen and GenSure fuel cell product lines with overlapping applications in material handling-adjacent mobility and backup power.
- Cummins (Accelera by Cummins): Cummins' zero-emission business unit (incorporating the former Hydrogenics) manufactures PEM fuel cells and electrolyzers. Direct competitor to Plug in both fuel cell power and electrolyzer markets, with significantly larger parent balance sheet.
Broad incumbents
- Linde plc: Global industrial gases giant with significant hydrogen production, liquefaction, and distribution assets. Competes with Plug's GenFuel hydrogen supply business and operates PEM electrolyzer projects, but as part of a vastly broader industrial gas portfolio.
- Air Products and Chemicals: Largest U.S. industrial gases and hydrogen producer with massive hydrogen liquefaction, transport, and dispensing infrastructure. A partial Plug hydrogen supply partner but also a broad incumbent competing in green hydrogen project development at global scale.
- Doosan Enerbility (Doosan Fuel Cell): South Korean conglomerate with a major fuel cell business supplying stationary phosphoric acid fuel cells. Competes with Plug's GenSure in stationary power markets, particularly in Asia, and is part of a much larger diversified industrial portfolio.
Emerging players
- Hyzon Motors: U.S.-based hydrogen fuel cell truck developer using PEM technology (including from partners like Cummins/Accelera). A narrower vertical competitor to Plug's ProGen e-mobility product line, focused on Class 8 heavy-duty trucking.
Others
- Chart Industries: Manufacturer of cryogenic equipment and hydrogen liquefaction technology used in the hydrogen value chain. Comparable to Plug's hydrogen liquefiers (LX-15T/LX-30T) and cryogenic solutions business, serving as both a potential supplier and adjacent competitor in liquid hydrogen infrastructure.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Plug Power social profiles
Digital presencePlug Power financial estimates
Financial estimateRevenue estimate
Valuation estimate
Plug Power leadership team
Management profileNumber of profiles
Profiles7 records
Plug Power subsidiaries and ownership
Company hierarchySubsidiaries9 records
Plug Power funding detail
Funding detailFunding overview
Funding rounds44 records
Investors15 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Plug Power M&A and investment
M&A and investmentM&A8 records
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Plug Power
What does Plug Power do?
Plug Power manufactures and sells an integrated green hydrogen and fuel cell ecosystem, including GenDrive fuel cells for material handling forklifts, GenSure stationary power systems, GenEco PEM electrolyzers for green hydrogen production, hydrogen liquefiers, and cryogenic transport equipment. The company bundles these hardware products with GenFuel hydrogen supply, GenCare aftermarket service, and the GenKey turnkey implementation solution for industrial customers seeking zero-emission power alternatives to batteries and combustion engines.
Is Plug Power a public or private company?
Plug Power is a public company. It is classified as public and is currently operating.
When was Plug Power founded?
Plug Power was founded in 1997. It employs 1,001 to 5,000 people.
Where is Plug Power based?
Plug Power is headquartered in Latham, United States, in the North America region.
How does Plug Power make money?
Four revenue lines are on record. Fuel Cell Systems are the primary driver. The others are hydrogen Fuel Supply, electrolyzer Sales and Services and aftermarket Services (GenCare).
Who are Plug Power's main competitors?
Direct peers on record are Nel ASA, ITM Power, Bloom Energy, Ballard Power Systems and Cummins (Accelera by Cummins). Broad incumbents are Linde plc, Air Products and Chemicals and Doosan Enerbility (Doosan Fuel Cell). Hyzon Motors is listed as an emerging player. Chart Industries is listed as an others.
Does Plug Power have an API?
No public API is recorded for Plug Power.
What industry is Plug Power in?
Plug Power's product category is Green Hydrogen and Fuel Cell Systems. Its primary akta.pro industry code is EUACALAK, Fuel Cell Distributed Generation (Hydrogen/Natural Gas SOFC/PEM), with a secondary code of IMAGAHAM, Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems). Its NAICS code is 333611 and its SIC code is 3621.