Plug Power Inc was organized in the State of Delaware on June 27, 1997. The Company is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of fuel cell systems for the industrial off-road (forklift or material handling) market. The Company is engaged in proton exchange membrane, or PEM, fuel cell and fuel processing technologies and fuel cell/battery hybrid technologies, from which multiple products are available. A fuel cell is an electrochemical device that combines hydrogen and oxygen to produce electricity and heat without combustion. Hydrogen is derived from hydrocarbon fuels such as liquid petroleum gas, or LPG, natural gas, propane, methanol, ethanol, gasoline or biofuels. It sells and continues to develop fuel cell product solutions to replace lead-acid batteries in material handling vehicles and industrial trucks for some of North America's distribution and manufacturing businesses. It is engaged in material handling applications (forklifts) at multi-shift high volume manufacturing and high throughput distribution sites where its products and services provide a combination of productivity, flexibility and environmental benefits. Its current product line includes: GenDrive, a hydrogen fueled PEM fuel cell system providing power to material handling vehicles; GenKey, its turn-key solution offering simplicity to customers transitioning their material handling vehicles to fuel cell power; GenFuel, its hydrogen fueling delivery system; and GenCare, its ongoing maintenance program for both the GenDrive fuel cells and GenFuel products. The Company sells its products with a primary focus on North America, through its direct product sales force, leveraging relationships with original equipment manufacturers, or OEMs, and their dealer networks. The Company is a party to a joint venture based in France with Axane, S.A. under the name Hypulsion, to develop and sell hydrogen fuel cell systems for the European material handling market. It sells to businesses, government agencies and commercial consumers. Its products and their installations are subject to oversight and regulation at the state and local level in accordance with state and local statutes and ordinances relating to, among others, building codes, fire codes, public safety, electrical and gas pipeline connections and hydrogen siting.
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