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Fuel cell giant takes control of European JV

Tue, 08/11/2015 - 11:23 -- Paul Crompton
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Fuel cell giant takes control of European JV
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Fuel cell firm Plug Power has entered into a definitive agreement to take full control of a joint venture to develop, manufacture and market fuel cells in Europe.

Plug Power bought the remaining 80% of joint venture HyPulsion from Axane, SA, a subsidiary of Air Liquide SA, for $11.47 million in common stock, subject to certain post-closing adjustments.

Plug Power and Air Liquide founded HyPulsion in 2012 to bring fuel cells for forklift trucks to the European market.

The transaction is subject to certain customary closing conditions and is expected to close no later than August 2015.

Plug Power debuts dispensing system in Canada

Tue, 06/09/2015 - 09:58 -- Andrea Baerland
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Plug Power debuts dispensing system in Canada
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North American fuel cell manufacturer Plug Power is set to debut its hydrogen dispensing system in the Canadian market.

It follows an expansion of a contract to deliver another 124 of its GenDrive fuel cells to Walmart Canada’s distribution centre in Alberta, Canada.

The latest delivery means the site now hosts over 230 fuel cell units since taking its first delivery in 2010.

The contract also includes the installation of one of Plug Power’s GenFuel systems, a full-service hydrogen dispensing system which includes a hydrogen molecule supply, infrastructure such as pipes and cabinets and fuel dispensers.

Plug Power GenDrive fuel cells, intended for trucks and forklifts, come in 24, 36 and 48 V capacities and are designed to be drop-in replacements to batteries.

The company, which recently completed a marketing tour across North America, also landed large retail contracts last month.

Plug Power wins big contracts

Tue, 05/26/2015 - 16:44 -- Andrea Baerland
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Plug Power wins big contracts.
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Fuel cell manufacturer Plug Power will distribute more than 300 of its GenDrive fuel cells across the U.S following two deals this month.

An unnamed big box retailer will take delivery of 177 fuel cells with distributer Uline receiving 130 units after ordering the New York firm’s GenKey hydrogen and fuel cell system.

The Genkey system will supply power to lift and reach trucks at the customer’s recently opened distribution centres in Ohio and Wisconsin, respectively.

Since Plug Power launched the GenKey fuel cell solution in 2014, systems have been deployed to North American businesses including Walmart, Kroger and Ace Hardware.

The company, which is currently touring the States in a “PowerTrip Roadshow”, experienced a drop in share prices earlier this month as Q1 results were announced. These contracts gave Plug Power shares a boost on the NASDAQ exchange.

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