Fuel cell maker Plug Power has applauded the bi-partisan Fuel Cell Tax Extenders Act of 2015 introduced by Representatives John Larson, Paul Tonko, and Chris Gibson. Plug Power CEO Andy Marsh said in a statement that the existing tax credits have successfully sparked interest and demand for hydrogen and fuel cell solutions. Passing the new bill will help maintain that momentum.
The current tax incentives set to expire soon
The bi-partisan bill will extend federal incentives for commercial, residential, and vehicular fuel cell use. The legislation will also extend credits for hydrogen infrastructure, providing certainty for fuel cell manufacturers. The current tax incentives for hydrogen infrastructure and fuel cell vehicles will expire at the end of 2015. The fuel cell investment tax credit for stationary fuel cells and material handling is also set to end on Dec.31, 2016.
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Congressman Tonko said fuel cell technology had gone mainstream because of productivity and efficiency gains that are realized. The new legislation offers a critical tax credit that will provide incentives for large-scale conversions to clean energy technology across the country. Congressman Larson said fuel cell was an important part of the country’s efforts to reduce our reliance on fossil fuels.
Plug Power looking for more orders from the Home Depot?
Last week, Plug Power CEO Andy Marsh visited a Praxair hydrogen plant with Congressman Gibson. The Latham, New York-based company said its CEO would also attend the grand inauguration of The Home Depot distribution center in Ohio. The announcement fueled speculations that Marsh may push for supplying more GenDrive fuel cells for the retailer’s other distribution centers. Plug Power has already deployed 172 GenDrive fuel cells for the Ohio center’s forklift trucks.
Plug Power aims to become a $500 million entity within five years. In July, the company acquired full control of HyPulson in Europe. So far, it has deployed more than 8,500 GenDrive fuel cells and constructed at least 15 GenFuel hydrogen infrastructures in North America for clients like Wal-Mart, Kroger, SouthernLINC, and others.
Plug Power shares fell 1.46% to $2.02 at 11:00 AM EDT on Thursday.