With the issue of global warming, alternative energy has been a matter of debate for some time now. In this regard, various innovative solutions aimed at establishing other forms of energy that are sustainable and friendly to the environment have been on the rise. Though the journey has its undertones, most countries are developing sound policies and strategies that will propel them towards green energy. Plug power is at the center of this wave of change.
Fuel Cell Company Plug Power history
Plug power came into existence in 1997 as a result of a joint venture between DTE energy and Mechanical Technology. This fuel company is setting the footprints in the alternative energy sector. Plug Power is a provider of alternative energy pivoted on development and execution of technology aimed at producing fuel cell systems that replaces the conventional batteries found in equipment powered by electricity. This fuel company has had its fair share of financial troubles in the past. In fact at one moment, it was about to announce its bankruptcy but found a way to appease its shareholders by considering dilution.
The company employs the use of proton exchange membrane (PEM), fuel cell and hybrid technologies in developing its cell units. PEM fuel cells convert the chemical energy produced during the electrochemical reaction of hydrogen and oxygen to electrical energy. With this technology, plug power integrates fuel cells manufactured by Ballard power and incorporates a hydrogen storage system. The result is a Power GenDrive unit that recharges faster than the traditional lead batteries. Unknown to many, Plug power does not manufacture forklifts, rather the systems that power them in a more friendly and sustainable way.
The first viable market for plug power were indoor forklifts that attracted customers such as BNW and Mercedes to single out a few. However in the recent past, with its customer centered innovations featuring GenKey, ReLiOn and GenFuel, Plug power has managed to attract both the largest and second largest food retailers in North America in addition to three reputable telecommunication providers. A perusal of online reviews and customer feedbacks show a high satisfaction rate in the consumption of Plug power energy solutions. The satisfaction has been attributed to the plug power’s technology costs effective nature and zero tolerance to carbon footprint. For instance, Walmart chose to utilize Plug power GenDrive units to power its entire household of lift trucks at Greenfield site.
The future of plug power has elicited hot debate among key players and investors in the renewable energy sector. For instance Michael Bigger an investor and a trader with vast experience in trading technologies, in his article titled “The Boulevard of Broken Dreams: Plug Power” acknowledges plug power as a revolutionist in the energy sector. Even so, he concludes that, “plug power is a highly distressed situation and it is not suitable for the majority of investors. The likely outcome of an investment is loss of principle.” However, the profitability and future of a venture does not solely depend on investors. In fact, the prudent factor that has the final say is the demand of the product. In this light, various factors will propel Plug power to the Promised Land. First, Plug power has a substantial demand in the market favored not only by its innovative energy sustainable solutions but the political will that crusades for environmental friendly energy options.
Second, with its hydrogen fuel cell technology, plug power will constantly scale the heights of alternative energy. Third, it featuring cost- effective solutions, lower operational costs and a marginal reduction of carbon footprint, its products will always be in demand. Fourth, bearing in mind the recent interest in alternative energy, for instance, the heated debate among America’s presidential hopefuls on their stand on global warming and green energy, the future of Plug power is bright. This is so because, humanity has been emancipated on the advantages of alternative energy and as a result, the world is following the trend. Lastly, is the innovative mind powering plug power technologies, form the GenDrive unit now we have more of their technology in the names of GenKey, ReLiOn and GenFuel, that have found their place at the heart of consumers. As an illustration, after their launch in 2014, GenKey by 2015 has recorded over 90% reception in the market. It is with such advancement in technology that provide a simplified path to coast effective hydrogen fuel cells that makes a bright future for plug power undisputed.
Most Governments and Environmental organizations are appreciating innovations that lead to cost effective, sustainable and environment friendly energy solutions. In addition to that, there is a political wind sweeping in the same direction. Having said that, it is prudent for key players in the energy sector such as Plug power to continue with their innovative journey in powering the world in better ways. More important is the bright future for the investors and fuel companies that will weather the storm that comes with this initiative.