Plug Power Inc. is a US-based public company developing and operating an end-to-end green hydrogen ecosystem, spanning production, liquefaction, storage, distribution, fueling and fuel cell systems for mobility and stationary power. The company has deployed tens of thousands of PEM fuel cell systems and hundreds of hydrogen fueling stations, and is building large-scale green hydrogen plants and a Gigafactory for electrolyzers and fuel cells to support decarbonization across logistics, transportation, power and industrial sectors.[3][5]
3,200
Employees
$676.2M
Annual revenue (FY2024)
15
Countries
Main activities
Design and manufacture of proton exchange membrane (PEM) fuel cell systems for mobility and stationary power.[1][3]
Development and deployment of green hydrogen production plants using electrolyzers.[3][5]
Production, liquefaction, storage and distribution of liquid and gaseous hydrogen, including logistics and fueling infrastructure.[1][3][6]
Manufacture and sale of PEM electrolyzers for on-site hydrogen generation in industrial and energy applications.[2][6]
Provision of turnkey material handling power solutions replacing lead-acid batteries in forklifts and warehouse vehicles.[1][2]
Supply of backup and prime power fuel cell systems for telecoms, utilities, data centers and microgrids.[1][6]
After-sales service, remote monitoring and maintenance for hydrogen and fuel cell assets.[1][5]
United StatesCanadaGermanyFranceNetherlandsSpainUnited KingdomSouth KoreaChinaJapanAustraliaBrazil
🎯 Hydrogen ecosystem integrator
Plug Power is a pure-play hydrogen and fuel cell company aiming to build a vertically integrated green hydrogen ecosystem, from large-scale production and liquefaction to logistics, dispensing and PEM fuel cell applications.[3][5] It has deployed more than 74,000 fuel cell systems and over 280 hydrogen fueling stations, and is among the world’s largest buyers and distributors of liquid hydrogen.[3][6] The company targets material handling, on-road e-mobility, backup and prime power, and industrial hydrogen users with turnkey solutions and long-term hydrogen supply contracts.[1][2] Plug Power has limited direct exposure to ammonia production today but positions its electrolyzer and green hydrogen platform as an enabler for low-carbon ammonia projects.
Products
GenDrive(PEM fuel cell systems for material handling vehicles)since 2007 — Replaces lead-acid batteries in electric forklifts at multi-shift warehouses and distribution centers.[1][2]
GenSure(Stationary PEM fuel cell backup and prime power systems)since 2013 — Provides backup power for telecom, transportation and utility infrastructure and microgrids.[1][6]
GenFuel(Hydrogen fueling, storage and logistics platform)since 2014 — Includes liquid hydrogen supply, on-site storage and dispensing for material handling and mobility fleets.[1][6]
GenKey(Turnkey hydrogen and fuel cell solution bundle)since 2014 — Combines fuel cells, fueling, hydrogen supply and service for end-to-end customer deployments.[1]
ProGendraft(PEM fuel cell stacks and engines)since 2016 — Designed for on-road vehicles, logistics equipment and stationary systems, enabling OEM integration.[1][6]
Plug PEM Electrolyzersdraft(PEM electrolyzer systems for green hydrogen production)since 2020 — Supports on-site hydrogen generation for refineries, chemicals, steel and energy customers.[2][6]
Plug Hydrogen Liquefiers and Cryogenic Equipment(Hydrogen liquefaction and cryogenic transport systems)since 2021 — Provides liquid hydrogen production and distribution hardware, including trailers and mobile storage.[1][6]
Partnerships
Renault Group (Hyvia JV)since 2021 — Develop and deploy hydrogen fuel cell light commercial vehicles and associated infrastructure in Europe.
SK Groupsince 2021 — Strategic partnership to accelerate hydrogen ecosystem development in Asia, including joint ventures and projects in South Korea.
Amazonsince 2017 — Supply hydrogen fuel cell systems and hydrogen infrastructure for material handling fleets at logistics centers.
Walmartsince 2014 — Deploy fuel cells and hydrogen fueling systems for warehouse and distribution center forklifts.
Investments
SK Plug Hyverse (JV with SK Group)(2021) — Joint venture to build hydrogen fuel cell and electrolyzer solutions and infrastructure in South Korea and Asian markets.
Hyvia (JV with Renault Group)(2021) — 50/50 joint venture focused on hydrogen-powered light commercial vehicles and European refueling networks.
Facilities of note
Rochester Gigafactory(US) — High-volume manufacturing of PEM electrolyzers and fuel cell systems to support Plug’s green hydrogen ecosystem.[3][5]
Georgia Green Hydrogen Plantdraft(US) — Liquid green hydrogen production facility supplying mobility and industrial customers.[3][6]
New York Green Hydrogen Plant(s)draft(US) — Regional green hydrogen production for logistics and mobility customers in the US Northeast.[3][6]
Recent milestones
2023 — Expanded green hydrogen network in the US with additional production plants under construction and early operations.[3][6]
2023 — Surpassed deployment of more than 74,000 fuel cell systems and over 280 hydrogen fueling stations worldwide.[3]
2023 — Ramped up Rochester Gigafactory for electrolyzer and fuel cell manufacturing to support internal projects and external sales.[3][5]
2024 — Continued scaling of PEM electrolyzer deliveries for industrial hydrogen projects and on-site generation applications.[2][6]
2024 — Advanced construction and development of multiple US green hydrogen plants aiming for commercial operation by 2028.[3]
Controversies & critiques
Plug Power has faced ongoing losses and cash burn, leading to concerns about liquidity, execution risk on its aggressive green hydrogen build-out, and sensitivity to policy incentives; it has also managed operational challenges and delays at some hydrogen plants, which have drawn investor scrutiny.[2][8]
Outlook (12-24 months)
Over the next 1–2 years Plug Power’s outlook hinges on successfully commissioning its US green hydrogen plants, scaling the Rochester Gigafactory, and improving reliability and utilization of existing fuel cell and fueling deployments.[3][5] If it can stabilize finances and execute projects on time, Plug could consolidate its position as an integrated green hydrogen supplier to logistics, mobility and industrial customers, while gradually opening optionality into sectors such as low-carbon ammonia via electrolyzer and hydrogen offtake solutions.[2][6]
Plug Power is a U.S.-based hydrogen and fuel cell company that has spent over 25 years developing a vertically integrated hydrogen ecosystem, including electrolyzers, liquefaction, storage, transport and end-use fuel cell solutions for material handling and other applications.[0] The Motley Fool article describes Plug
Plug Power is a U.S.-based hydrogen technology company listed on NASDAQ under the ticker PLUG, positioning itself as a vertically integrated provider of green hydrogen solutions for material handling, industrial applications, and energy markets.[1] The firm supplies GenDrive fuel cells and GenEco electrolyzers and oper
Founded in 1997, Plug Power is a Nasdaq-listed company (PLUG) specializing in hydrogen fuel cell and electrolyzer technology. It reported 2025 full-year revenue of $710 million (up 12.9% YoY), Q4 positive gross margin of 2.4%, and targets positive EBITDA by Q4 2026 under new CEO Jose Luis Crespo (appointed March 2026).
Plug Power holds 14.54% of the Global X Hydrogen UCITS ETF and 11.87% of HYDR ETF. The company is one of the largest hydrogen economy participants in the portfolio.
Founded nearly 30 years ago, Plug Power specializes in turnkey hydrogen fuel cell solutions. The company has never achieved profitability in its history. In October 2025, CEO Andrew Marsh departed abruptly, followed by the appointment of new CEO Jose Luis Crespo. In November 2025, Plug Power suspended activities relate
Founded in 1997, Plug Power is a leader in hydrogen fuel cell technology, having deployed over 50,000 fuel cell systems and 165 fueling stations worldwide. It has plans to produce 500 tons of liquid green hydrogen daily by 2025 across multiple plants. Recently, on February 26, 2026, it executed a $132.5 million agreeme
Founded in 1997, headquartered in Slingerlands, New York. Deployed over 72,000 fuel cell systems and 285 fueling stations globally. Operates hydrogen plants in Georgia, Tennessee, and Louisiana producing 40 tons daily. Serves clients like Walmart, Amazon, and BMW. Recently reported Q3 2025 revenue of $177.1M, up 1.91%
Selected through public procurement process to partner with Gasunie and Hynetwork for pipeline filling operations. Provided specialized equipment and expertise for unloading hydrogen-carrying trailers and pipeline commissioning.
Founded in 1997, headquartered in Slingerlands, New York. Publicly traded (NASDAQ:PLUG). Has deployed over 72,000 fuel cell systems and 275 fueling stations globally. Operates hydrogen plants in Georgia, Tennessee, and Louisiana with 40 tons per day capacity. Recent projects include this 100MW installation and a 5MW sy
Original 49% shareholder in SK Plug Hyverse since 2022. Sold stake to Korea Liquefied Hydrogen Network effective December 31, 2025, for undisclosed price. Contributed $49.8M total ($33.8M in 2023, $16M in 2024, $0 in 2025). Early plans for gigafactory unfulfilled.[2]
Founded in 1997, headquartered in Slingerlands, New York. Deployed over 72,000 fuel cell systems and 275 fueling stations. Largest user of liquid hydrogen. Operates hydrogen plants in Georgia, Tennessee, and Louisiana producing 40 tons per day. Customers include Walmart, Amazon, Home Depot, BMW, BP. Recent developments
Plug Power Inc. is a publicly traded company on Nasdaq under the ticker PLUG, headquartered in Latham, New York, and focused on building an end‑to‑end green hydrogen ecosystem, including electrolyzers, liquefaction, fuel cell systems and hydrogen fueling stations.[5] The firm has experienced significant share price vol
Plug Power has been selected to create onsite hydrogen production and secure hydrogen fuel supply for the planned Amazon warehouse project in Visalia, extending an existing strategic relationship under which Plug Power supplies fuel cells and hydrogen infrastructure for Amazon’s logistics and fulfillment operations.[1]
Expanding Louisiana production facility, new partnerships for electrolyzer deployment, revenue in low hundreds of millions in 2024-2025, stock price approximately $2.07 as of September 2025[1][2]
Founded in 1997, Plug Power is a leader in the hydrogen economy, specializing in GenEco electrolyzers and hydrogen infrastructure. In 2025, it deployed multiple projects including 5 MW in Namibia, 25 MW in Spain with Iberdrola and BP, and expanded US production to over 40 tons per day across plants in Georgia, Tennesse
Plug Power Inc. is a publicly traded company on NASDAQ under the ticker PLUG, headquartered in Latham, New York, and focuses on end‑to‑end green hydrogen solutions including electrolyzers, liquefaction, and fuel cell systems for mobility and industrial applications.[1][2]
Plug Power, founded in 1997 and headquartered in Latham, New York, is a leading provider in the hydrogen fuel cell sector. The company pioneered commercially viable hydrogen and fuel cell technologies, specializing in solutions for mobility, industrial, and stationary power markets. Recently, it has faced profitability
Founded in 1997, Plug Power focuses on hydrogen fuel cell technology for logistics, transportation, and industrial clients. It has expanded recently by building multiple green hydrogen production facilities in the US.[1][4]
Founded in 1997, Plug Power has become a major provider for hydrogen infrastructure, particularly in North America and expanding in Europe. The company recently has targeted large-scale green hydrogen projects and partnerships, aiming to play a leading role in industrial decarbonization via PEM electrolyzer technology.
Founded in 1997, Plug Power is a publicly traded company focused on providing hydrogen fuel cell solutions for e-mobility, stationary power, and hydrogen generation. In recent years, it has tried to scale up green hydrogen production in the U.S., backed partly by loan guarantees from the U.S. Department of Energy. The
Plug Power was founded in 1997 and has grown into a leading player in the hydrogen economy, with a focus on green hydrogen production, fuel cell manufacturing, and electrolyzer technology. The company recently moved its headquarters to Slingerlands, NY, after outgrowing previous facilities in Latham, NY. CEO Andy Marsh
Founded in 1997, Plug Power is a leading US clean energy company specializing in hydrogen and fuel cell technology. It is involved in multiple large-scale green hydrogen projects, including joint ventures for new production plants, aiming to become a major producer and distributor of green hydrogen in North America[1][
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