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Plug Power Inc., a provider of energy solutionswith an office in Clifton Park, has been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2019.
The 2019 Most Innovative Companies (MIC) list honors 50 businesses making the most profound impact on both industry and culture, showcasing a variety of ways to thrive in today’s volatile world. Half of the companies on this year’s MIC 50 list are appearing for the first time.
“Hydrogen is the way of the future, specifically in mobility applications. We’ve proven this for a long time at Plug Power, and it’s incredible to have such a distinguished and forward looking media company such as Fast Company recognize Plug Power, not only for the impactful work we’re doing today, but also the for the vast and comprehensive potential of hydrogen fuel cell power in the future,” said Andy Marsh, CEO, Plug Power.
Plug Power made strides toward on-road vehicle applications in 2018. It applied its knowledge of fuel cell engine design and launched the first FedEx hydrogen fuel cell-powered electric vehicle (FCEV), officials said. With Plug Power’s hydrogen and fuel cell solutions, the FedEx vehicle range was extended to 160 miles—166 percent greater than BEVs alone, and the driver can refuel its truck in minutes instead of spending hours to charge batteries.
According to the company, these benefits are allowing the truck and its drivers to get back on the road faster and deliver more packages. The FedEx truck has accumulated more than 14,000 on-road miles. This marked a defining moment for Plug Power, as the company delivered on its commitment to expand into on-road applications such as delivery trucks, while still remaining true to its core material handling business.
Plug Power continues its transformational efforts within industrial mobility, bringing clean hydrogen fuel cell solutions to major retailers that aim to reach consumers’ demands for immediacy—shopping online 24 hours a day for groceries, clothing and medication. With the rise of parcel volume—expected to increase at a rate of 17-28 percent each year until 2021. The U.S. Postal Service, a Plug Power customer since 2017, avoided $3.5 million in annual costs within the first year of using Plug Power, resulting in a ROI of 107 percent, the company said.
To date, Plug Power’s innovations have resulted in more than 25,000 units in the field, 180 million hours of fleet operation, and over 16 million hydrogen fills officials said.
Also, Plug Power announced it has begun standard production of the family of next-generation class 1 GenDrive systems for industrial lift trucks. The new units are designed with Plug Power’s ProGen hydrogen fuel cell engine technology which delivers increased efficiency and higher reliability. The new units include several enhancements such as larger fuel tanks for increased runtime (approximately 10 percent) and wireless communication capabilities for operations data and effective fleet management.
With a new design that is focused on ease of service for both field technicians and customers, Plug Power also improved the product serviceability, reducing the time and effort required to work on the units, the company said.
The first customer orders were expected to ship in March. Major automotive manufacturers including BMW, Mercedes and Toyota are among Plug Power’s impressive client roster.
“According to Moody’s, global light vehicle sales are projected to grow in 2019, which means our automotive manufacturing customers are going to need dependable equipment that will enable them to keep up with the demands of a continuously growing industry,” said Marsh. “We’re proud to be working with these leading companies to revolutionize one of the world’s most influential industries as we move together towards a clean and sustainable future of mobility.”