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Plug Power is investing $3.7 million in a factory in Rochester's Eastman Business Park, where the company is developing new technology critical to its plans for powering on-road delivery vehicles with hydrogen fuel cells.
The investment, announced today by Plug Power along with New York state officials, will create more than 80 new jobs.
Plug Power makes hydrogen fuel cells used to power forklifts in warehouses and distribution centers as an alternative to lead-acid batteries. Plug has shipped more than 20,000 fuel cell units to dozens of customers, including Amazon, Walmart and Nike. The company has become the world’s largest user of liquid hydrogen, with 15 tons used daily, surpassing NASA.
At the Rochester factory, Plug Power is producing new proprietary technology for membrane electrode assemblies, a core component in the electrochemical reaction that allows a fuel cell to create electricity. Plug Power started developing this technology in-house last year after acquiring American Fuel Cell, which specialized in this technology.
The team in Rochester, which is made up of former General Motors executives, are experts in membrane manufacturing. By manufacturing this membrane technology in house instead of buying it from another company, it will help Plug drive down costs. The technology will also make the fuel cells more efficient, allowing Plug to move into new markets.
Plug Power CEO Andy Marsh has been mapping out the future with an eye toward diversification. For example, Plug Power has been outfitting electric FedEx trucks delivering packages to Albany-area residents with hydrogen fuel cells — one of the first signs that Plug is diversifying beyond its core market.
Marsh has been working to make Plug profitable for the first time in 20 years. He came to Plug Power in 2008 with an overhauled business plan and has spent almost 10 years converting Plug from a research company into a manufacturer. He is projecting revenues between $235 million and $245 million in 2019.
Plug is one of the largest manufacturers in the Albany region and is one of the area's few public companies, employing more than 600 engineers, researchers and technologists.
Plug Power announced last year that it was investing $2.8 million in a new distribution center and manufacturing warehouse in Clifton Park, about 15 minutes north of its headquarters in Latham. The state previously offered Plug Power up to $1.2 million in Excelsior Jobs Program tax credits for that expansion. It is not clear if the project in Rochester includes additional credits.
Plug's (Nasdaq: PLUG) stock was selling at $1.77 as of Friday morning.
This is now 110 companies at EBP. There are few places in the world where you can get the type of infrastructure resources as a high tech startup than you can get at EBP. I imagine it will keep growing as a hub.
This is now 110 companies at EBP. There are few places in the world where you can get the type of infrastructure resources as a high tech startup than you can get at EBP. I imagine it will keep growing as a hub.
This is now 110 companies at EBP. There are few places in the world where you can get the type of infrastructure resources as a high tech startup than you can get at EBP. I imagine it will keep growing as a hub.
I worked at Kodak Park in the 80's and it was amazing. This was at it's peak. There was a bus system, with bus coming every 10 minutes inside the park. Dial a bus if you needed quicker service. 3 Fire Houses, made it's own electricity , steam and chilled water, and fresh water from Lake Ontario. It's own sewage plant too. Very nice cafeterias, Laundry, electric motor remanufacturing, waste disposal. There were 2 "malls", building 28 & 328, that had a bank, camera store, safety shoe store, cafeteria, medical facilities. It really was a city within a city. One of the largest industrial complexes in the country
I worked at Kodak Park in the 80's and it was amazing. This was at it's peak. There was a bus system, with bus coming every 10 minutes inside the park. Dial a bus if you needed quicker service. 3 Fire Houses, made it's own electricity , steam and chilled water, and fresh water from Lake Ontario. It's own sewage plant too. Very nice cafeterias, Laundry, electric motor remanufacturing, waste disposal. There were 2 "malls", building 28 & 328, that had a bank, camera store, safety shoe store, cafeteria, medical facilities. It really was a city within a city. One of the largest industrial complexes in the country
Indeed. What many people didn't realize, is that you could travel from the corner of Lake and Ridge, staying within Kodak owned property, and ALMOST make it to the Elmgrove Road campus. That was quite a distance!
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