Cars Plug Power: The History of the Hydrogen Group

05:05  06 april  2021
05:05  06 april  2021 Source:   finanzen.net

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In 2020, the price of the hydrogen share has quadrupled. But which company hides at all behind the successful Plug Power share?

Ralph Orlowski/Getty Images © provided by Finanzen.net Ralph Orlowski / Getty Images

• Plug Power Developed and produces hydrogen fuel cell systems

• The company became known by the innovative Gendrive system

• in 2017 acquired Amazon 50 ordinary shares

Plug Power: a company On the road to success

The US Group Plug Power is one of the few companies that have been operating in the field of hydrogen fuel cells for almost two decades. The innovative company was founded in 1997 and only two years later it came to the IPO. The Plug Power share is listed at the NASDAQ and was able to record long-term price gains over the past twenty years, with the exception of some fewer setbacks.

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Fuel Cells and Innovative Technologies

Plug Power is an American company based in Latham near New York. The focus of the Group is, according to the company's own website, on the development and production of hydrogen fuel cell systems. Behind it hides the ambitious project to develop a technology that allows to replace conventional batteries in both electrically powered devices and in the field of e-mobility. For this, Plug Power has developed a corporate concept called "Gendrive-System", which integrates fuel cells with a storage system based on hydrogen technology. The goal is to develop fuel cells that can be recharged within minutes, while conventional batteries need for this process for several hours. Gendrive technology was already used in forklift trucks and very successful, because the industrial trucks could provide a constant continued performance and no performance drop was detected, PLUG POWER reported on his website. The Gendrive fuel cells still provide another advantage because they are not greater than conventional batteries.

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Next to the headquarters in Latham there are two more branches in Spokane near Washington and Rochester in New York State.

Founded and Development of the

was founded Plug Power in 1997 by George C. McName as a joint venture project of the DTE Energy in cooperation with the company Mechanical Technology Inc. Already two years later, the decision to the IPO fell. Since then, Plug Power has established itself as the market leader in the field of economically portable hydrogen and fuel cells, and especially by the gendrive cells-operated forklift trucks. These have already been used in large corporations such as Mercedes-Benz , Nike and BMW , as reported "the shareholder". In 2017, Amazon finally acquired 50 million ordinary shares of Plug Power and at the same time decided to cooperate with the Group, which involves its hydrogen technology into the Amazon warehouses, reported Bizz Energy. In January 2021, Plug Power announced a comprehensive strategic alliance with the SK Group. As part of the cooperation, Koreans acquired a stake of almost ten percent in the American hydrogen specialists.

Only started last year, according to Finanz-trends.de, the 125 kW progen fuel cell engines from Plug Power suitable for trucks of classes 6, 7 and 8 and heavy off-road vehicles. REDACTION FINANCEN.net

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