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Cars Plug Power Share on the stock market asked: The History of the Hydrogen Company

11:55  25 january  2022
11:55  25 january  2022 Source:   finanzen.net

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Plug Power is one of the BIG players in the hydrogen sector. But which company hides at all behind the successful Plug Power share?

MIKE CLARKE/AFP/Getty Images © Provided by finanzen.net Mike Clarke / AFP / Getty Images

• Plug Power develops and produces Hydrogen fuel cell systems

• The company became known through 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 Pot Power share is listed at the NASDAQ and was able to record long-term course gains over the past twenty years, with the exception of some fewer setbacks, long-term price gains.

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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 a few minutes while conventional batteries need several hours for this process. Gendrive technology has already been used for 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 a further 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 Group

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. The Koreans acquired a participation of almost ten percent in the American hydrogen specialist in the context of cooperation.

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