Plug Power Inc.

PLUGsupplier

Plug Power is building a comprehensive green hydrogen ecosystem spanning production, storage, delivery, and on-site generation. Originally focused on fuel cells for material handling, it has expanded into green hydrogen production and is constructing a network of hydrogen plants across North America and Europe.

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Products & Revenue

Product Revenue Share

Revenue Breakdown ($0.9B)

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Fuel Cell Systems (40%)

Hydrogen Infrastructure (35%)

Equipment & Services (25%)

Segment Breakdown & Key Customers

Product Details

GenDrive Fuel Cells35%

Hydrogen PEM fuel cells for forklifts and material handling equipment

Green Hydrogen Production40%

PEM electrolyzers and liquid hydrogen plants for green H2

GenSure/ProGen25%

Stationary fuel cell backup power and fuel cell engines for mobility

Supply Chain Relationships

Key Customers

Amazon.com (AWS)

Fuel cells for Amazon warehouse forklifts

Impact: Largest GenDrive customer

Competitors

Enphase Energy, Inc.

Clean energy solutions

Impact: Alternative clean energy approach

CATL (Contemporary Amperex Technology)

Battery vs hydrogen for transport

Impact: Competing energy storage paradigms

Macro & Market Context

EV / 배터리Sector News

리튬 가격 바닥권 — 기관 역발상 매집, 중장기 반등 베팅

리튬 탄산 현물가

$11.5/kg

글로벌 EV 보급률

18% → 25% (2026E)

배터리 팩 가격

$112/kWh

중국 EV 수출 성장

+42% YoY

Upcoming Catalysts

◆ALB Q1 실적 및 리튬 생산 가이던스 (2026.05)◆Tesla 배터리 데이 2026◆IRA 보조금 검토 결과 발표

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Company Info

Headquarters

Latham, New York, USA

Founded

1997

Employees

3,400+

Website

plugpower.com

Sector Overview — EV / 배터리

Sector News