Plug Power Expands Hydrogen Fuel Cell Offering To Smaller Markets
Plug Power, a provider of hydrogen solutions for the global green hydrogen economy, announced it has expanded its GenKey offering to enable fuel cell adoption for warehouses that operate fewer than 100 electric forklifts. For the first time, this segment of the forklift market, representing more than 25% of all forklifts sold in the United States, will have access to cost-effective hydrogen fuel cells and the increased productivity they unlock.
PlugPower is removing the barriers that fleets with 40 to 100 forklifts have previously seen, including capital, labor, space constraints, and the challenges associated with hydrogen fuel sourcing and delivery. Customers that operate fewer than 100 electric forklifts can easily adopt hydrogen fuel cells, increasing productivity and reducing space and carbon emissions. Plug’s solutions are incentivized by the Inflation Reduction Act, which has significantly lowered the cost of green hydrogen. Fuel cells also benefit from federal tax credits.
“Building on our experience in creating the first commercially viable market for fuel cells, Plug Power is proud to make green hydrogen adoption easy for a wider set of customers,” said Jose Luis Crespo, general manager of Fuel Cell Applications and Global Accounts. “With Plug Power’s expanded GenKey offering, customers with fewer than 100 forklifts at a warehouse facility will now have the option to transition to fuel cells, and a much more affordable, reliable, and sustainable source of fuel to meet their business goals. 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 flexibility.”
Plug Power says it has a market-tested fuel cell solution with more than 1 billion hours of operation. It also said that its new offering includes low-cost green hydrogen supply from Plug Power’s hydrogen production plants. Plug Power’s manufacturing, production, and delivery capabilities provide easy access to green hydrogen from renewable sources. Plug Power said that this ensures sustainability benefits and savings, while lowering dependence on batteries and the power grid, which has seen power price increases and carries significant carbon emissions. The new offering is thought to be more modular and more flexible, making it space efficient, easy-to-install and permit, and relocatable. Plug’s modular solution is designed with space constraints in mind, enabling quicker approvals from property owners. The offering also allows for freedom from the grid. Powering forklifts with fuel cells in a facility reduces the need to use electricity from the utility or frees up electricity for other applications.
Plug Power said that its fuel cells offer significant cost savings compared to battery alternatives. Customers can save upward of US$260,000 and as high as US$1 million per year when compared to batteries. Plug Power is accepting orders for this offering with deliveries expected in Q4 2023 for US customers. The company will soon have a similar offering for the European market.
