Granted, for now, Plug Power’s progress is kind of lackluster, even with the customer traction. One of the most popular use cases is forklifts, which represent a large global market. Note that Plug Power has customers like Amazon (NASDAQ: AMZN) and Walmart (NYSE: WMT). There are a number of benefits for using fuel cells A few include water being its only environmental byproduct, silent usage and quick refueling.Īs a result, large companies are looking to fuel cells as an alternative. And yes, Plug Power appears to be getting an outsized share of the opportunity. Yet despite all this, the fuel cell industry’s prospects are starting to look up. In fact, Tesla’s (NASDAQ: TSLA) Elon Musk has mocked fuel cells as “mind-bogglingly stupid” and called them “fool cells.” There is also the nagging issue of creating a new infrastructure, such as with charging stations. Let’s face it, it is not easy to transition away from fossil fuels, which have remained quite affordable. For the past ten years, the average annual return is nearly a horrible -8%!Īll in all, the adoption has been painfully slow. Yet, the stock has been mostly a loser during this time. Plug Power, which is a leading fuel cell provider, has been around for over 20 years. Keep in mind that the return is still a red-hot 150%. Please follow the link(s) below to opt out manually.But it’s important to note that Plug Power has still had a stellar 2019. ThirdPartyDescription : 'Consent for the following cookies could not be automatically revoked. ThirdPartyTitle : 'Warning: Some cookies require your attention', The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.', NecessaryDescription : 'Necessary cookies enable core functionality. Intro: 'Some of these cookies are essential, while others help us to improve your experience by providing insights into how the site is being used. “Our partnership with ENGIE is opening the door to exciting new opportunities outside of both the US, and the material handling market, where we have continuously demonstrated our expertise.”ĪpiKey: '7a7b37bf705f6a7218e9ac406a46e2dfb959e99e', Plug Power’s system will be the first of its kind, and the largest refuelling system built by the company to-date, with an expected output of 1,000 kg/d, it said.Īndy Marsh, CEO of Plug Power, said: “The incredible scope of this project reaffirms not only Plug Power’s commitment to facilitating the global adoption of hydrogen as a clean energy source, but also our position as the world leader in hydrogen refuelling. ![]() To support the refuelling project, Plug Power has been tasked with building a full compression, storage, and dispensing system to service the new hydrogen-powered vehicle. All of this is part of the miner’s FutureSmart Mining program. After this point, the trucks are expected to be deployed at other Anglo American operations. Credit: Anglo American), in South Africa. Plug Power, a leading provider of hydrogen engines and fuelling solutions enabling e-mobility, was selected by ENGIE following the signing of a global partnership agreement between the two announced in September.ĮNGIE is working with Anglo American to develop a renewable hydrogen production and refuelling solution to support a new hydrogen-powered haul truck that, according to Anglo, will have ‘first motion’ next year, followed by a testing and validation program at the Mogalakwena platinum group metals mine (pictured. Plug Power Inc is to provide a custom refuelling system for the world’s largest hydrogen-powered mine haul truck, set to begin operating next year as part of a project between Anglo American and ENGIE.
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