Business World of Renewable Energy

Nordex Turkey 14042016 1280 256

New Sales Market: Plug Power Expands Turnkey Hydrogen Fuel Cell Solution Offering

Latham, USA - US-based fuel cell and hydrogen company Plug Power has expanded its GenKey offering, which includes power, hydrogen and fuel supply. In the future, it will be able to supply customers who use fewer than 100 electric forklifts at their warehouse locations.

For the first time, this segment of the forklift market, which Plug Power says accounts for more than 25 percent of all forklifts sold in the U.S., will thus have easy access to Plug Power's fuel cell and hydrogen solutions. This broadens the customer base for the RENIXX Group to potentially switch to hydrogen fuel cell solutions. In addition, Plug Power says it offers significant cost-saving potential compared to battery alternatives.

Plug Power's expanded offering is supported by the Inflation Reduction Act in the U.S., which has significantly reduced the cost of green hydrogen, according to the company. Fuel cells also benefit from federal tax credits.

Orders for this offer are available now, according to Plug Power. Delivery to customers in the U.S. is expected in the fourth quarter of 2023. Plug Power also plans a similar offering for the European market soon.

"Our turnkey expanded GenKey offering is making the adoption of hydrogen easy for the material handling industry, allowing more businesses to benefit from increased productivity, lower costs and more flexibilityā€¯, said Jose Luis Crespo, general manager of fuel cell applications and global accounts.

Plug Power shares are down 2.2 percent this trading week through Wednesday evening to 10.26 euros (closing price, March 22, 2023, Stuttgart Stock Exchange). Compared to the turn of the year, the shares of the RENIXX Group are thus currently down 10.0 percent.

Source: IWR Online, 23 Mar 2023