Plug Power

History

Plug Power was founded in 1997 as a joint venture between DTE Energy and Mechanical Technology Inc. The company went public in October 1999.

The company was subject to a shareholder class action complaint for securities fraud following the IPO for allegedly misleading statements about their fuel cell technology capabilities and on its material sales and distribution relationship with General Electric. By order dated October 30, 2000, the Eastern District of New York court consolidated the complaints into one action, entitled Plug Power Inc. Securities Litigation, CV-00-5553 (ERK) (RML). On December 29, 2004, the company settled the matter with the sum of $5 million paid by Plug Power company directors to plaintiffs.

In February 2017, the company announced the first shipments of its ProGen fuel cell engines designed for electric delivery vehicles and the adoption of its GenDrive system by the USPS forklift fleet in Capitol Heights, Maryland.

In February 2020, the company introduced 125 kW Progen fuel cell engines for class 6, 7 & 8 trucks and heavy duty off-road equipment. In January 2021, SK Group, a major South Korean company, announced an investment of $1.5 billion in Plug Power for around 10% share. They will form a joint venture company in South Korea to supply hydrogen fuel cell products to Asian markets.

In January 2021, the company signed a memorandum of understanding with French automobile manufacturer Renault. The deal would launch a joint venture in France by the end of June 2021.

On March 2, 2021, Plug Power filed a Notification of Late Filing with the Securities and Exchange Commission stating that it could not timely file its annual report for the period ended December 31, 2020. On March 16, 2021, the company announced that they would have to restate financial statements for fiscal years 2018 and 2019 as well as some recent quarterly filings. It is subject to an ongoing shareholder class action lawsuit for securities fraud over alleged misrepresentations and/or failures to disclose its inability to timely file its 2020 annual report and material weaknesses in its internal controls over financial reporting.

Due to the rarity of hydrogen infrastructure, Plug Power delivers several mobile refueler solution for transit agencies and trucking fleet customers.

In October 2025, Plug Power announced it delivered the first of ten 10MW GenEco electrolyzer to Galp's Sines Refinery. The full 100MW deployment is expected to replace 20% of Galp's gray hydrogen and cut 110,000 tons of carbon dioxide annually.

References

References

1. "Plug Power Revenue 2010-2023 | PLUG".
2. (March 30, 2001). "Form 10-K". Plug Power Inc.
3. "SEC Form 424B5 Plug Power Inc 424B5 - Prospectus".
4. (February 8, 2017). "Plug Power Ships First Production Progen Engines for Electric Vehicle Range Extenders". Marketwatch.
5. (February 16, 2017). "Plug Power Fuel Cells Power USPS Lift Truck Fleet in Maryland". Yahoo Finance.
6. "Plug Power introduces new fuel-cell system for heavy duty on-road applications".
7. (January 7, 2021). "SK Group to invest $1.5 billion in Plug Power to develop hydrogen business".
8. Claudia Assis. (January 12, 2021). "Plug Power stock rallies to nearly 15-year high after analyst calls Renault deal 'validating'". www.marketwatch.com.
9. Assis, Claudia. (March 17, 2021). "Plug Power to restate financial statements, stock plunges".
10. "Johnson Fistel, LLP Files Class Action Suit Against Plug Power (PLUG) Announces Expanded Class Period".
11. (June 23, 2023). "Mobile Hydrogen Refueler Solution Among Plug Power Analyst Day Unveilings - H2 News".
12. "Plug Power Delivers First Electrolyzer for 100MW Green Hydrogen Project at Galp’s Sines Refinery".
13. Khan, Wajeeh. (October 2, 2025). "Plug Power Just Delivered a New Electrolyzer. Should You Buy PLUG Stock Here?".