Plug Power

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

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

• Hydrogen fuel cells
• PEM electrolyzers
• Green hydrogen production
• Material handling power
• Stationary backup power

Headquarters

HQ city

Latham

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Infrastructure, Personnel, Marketing or Sales

Revenue model

1. 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.
2. 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.
3. 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.
4. 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

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core 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

Named customers10 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Ten partnerships are on record, tiered core and flagship.

• Hy2gen CanadacoreStrategic or Co-development Partner · 1 April 2026Front-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.
• GalpflagshipStrategic or Co-development Partner · 1 January 2026100 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 BPflagshipStrategic or Co-development Partner · 1 January 202625 MW electrolyzer project in Spain developed with Iberdrola and BP, representing Plug Power's entry into Spanish green hydrogen market for industrial applications.
• European EnergycoreStrategic or Co-development Partner · 1 January 20268.1 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 CorporationcoreStrategic or Co-development Partner · 1 January 2025Joint 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.
• ArcelorMittalflagshipStrategic or Co-development Partner · 1 January 2025Electrolyzers 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)coreStrategic or Co-development Partner · 1 January 2025Hydrogen 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)coreStrategic or Co-development Partner · 1 January 202410 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)coreStrategic or Co-development Partner · 1 January 2023Green 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 DealflagshipStrategic or Co-development Partner · 1 January 2023100 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

Direct 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

• Xx.com/plugpowerinc
• YouTubeyoutube.com/channel/UCIUy_PatfFUWEmW_FdAlyHw
• Facebookfacebook.com/PlugPowerInc
• LinkedInlinkedin.com/company/plug-power

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries9 records

Funding overview

Funding rounds44 records

Investors15 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A8 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Plug Power