LATHAM, N.Y., Feb. 01, 2016 (GLOBE NEWSWIRE) — Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean, reliable energy solutions, hosted New York Senator Charles E. Schumer at the Plug Power headquarters where he performed the one millionth hydrogen refueling from a GenFuel dispenser into a GenDrive fuel cell unit. Senator Schumer spent approximately one hour speaking to Plug Power employees, reinforcing his continued support for hydrogen and fuel cell technology.
Senator Schumer has supported and championed hydrogen and fuel cell policy throughout his entire term in Senate, including the critical clean energy investment tax credit that has enabled Plug Power, and the fuel cell industry, to realize commercial success in real-world applications. Senator Schumer’s last visit to Plug Power was in 2010. Since that time, Plug Power has:
- Increased revenue from $19.5 million to over $100 million annually
- Increased shipped units from 650 to 3,600 annually
- Increased employee count from 87 to 339 in the United States
“This tax credit not only incentivizes businesses to purchase clean, American-made fuel cells from innovative companies like Plug Power, but it is also a proven job creator. When I was last here in 2010, Plug Power was beginning to take advantage of the fuel cell ITC. Today, this company’s revenue has increased by over 400 percent and its workforce has more than tripled to over 330 employees. This credit has helped power-up jobs and economic development in the Capital Region in the past and will continue to do so into the future, so long as both sides of the aisle can come together and make this extension a reality,” said Schumer. “I will be fighting tooth and nail to get this done – because this pro-business credit will allow companies like Plug Power, as well as the entire Capital Region, to reap the transformative economic benefits the fuel cell ITC has proven to sow for a generation to come.”
Additionally, with support from policy enacted by Senator Schumer, Plug Power has vertically integrated its business to include in-house manufacturing of fuel cell stacks and hydrogen fueling infrastructure. Plug Power launched its GenFuel hydrogen business in 2014, and in two short years, has realized the one millionth refueling from a GenFuel dispenser into a GenDrive unit.
At sites across North America and Europe, Plug Power customers dispense more than 2.5 tons of hydrogen daily and perform in excess of 3,000 fuelings a day. With support from policy proposed by Senator Schumer, Plug Power expects these numbers to double in 2016.
“We’re proud to bring jobs and manufacturing to the United States and upstate New York,” said Andy Marsh, CEO of Plug Power. “Plug Power is thankful for Senator Schumer’s continued support as we have grown the fuel cell market into a commercial powerhouse in America.”
About Plug Power Inc.
The powerhouse in hydrogen fuel cell technology, Plug Power is revolutionizing the industry with cost-effective solutions that increase productivity, lower operating costs and reduce carbon footprint. Its signature solution, GenKey, provides an all-inclusive package for customers, incorporating GenFuel hydrogen and fueling infrastructure, GenCare aftermarket service and either GenDrive or ReliOn fuel cell systems. GenDrive, a lead-acid battery replacement, is used in electric lift trucks in high-throughput material handling applications. With more than 10,000 GenDrive units deployed with material handling customers, GenDrive has been proven reliable with over 107 million hours of runtime. Plug Power manufactures tomorrow’s incumbent power solutions today, so customers can POWERAhead. Additional information about the Plug Power brands is available at www.plugpower.com.
CONTACT: Plug Power Media Contact Teal Vivacqua 518.738.0269 [email protected]