Overview
Plug Power Inc. is a clean-energy company focused on hydrogen and fuel-cell technologies. Its vertically integrated business spans hydrogen production, processing, storage, delivery and end use, with products including electrolyzers, fuel-cell systems for material handling and stationary power, hydrogen-fueling infrastructure, and related services. Its solutions serve industrial mobility and customers across industries such as refining, chemicals, steel and fertilizer.[1][2][3]
Founded in 1997 and headquartered in Latham, New York, the company describes its mission as building the green hydrogen economy. It has an international business and manufacturing presence, with U.S. hydrogen production facilities including sites in Georgia, Tennessee and Louisiana.[4][5][6]
As general scale indicators, Plug Power reported approximately $710 million in revenue for 2025 and 2,344 employees as of December 31, 2025.[7][8] [1][2][3][4][5][6][7][8][4][5][6][7][8]
Products & services
Plug Power’s GenDrive systems are fuel-cell power units for material-handling equipment, including forklifts, designed for multi-shift manufacturing and distribution operations. The company identifies Class 1, 2 and 3 GenDrive systems and states that they are designed with the intent to meet UL 2267 and NFPA 505 requirements.[9][10] GenSure is a modular PEM stationary-power offering for backup power, grid support and larger stationary applications, including data centers and EV-charging infrastructure.[11][12] ProGen is a family of modular fuel-cell engines; an older company specification lists rated net outputs of 30, 60, 85 and 100 kW for the P30, P60, P85 and P100 models, respectively.[13]
GenEco electrolyzers are offered in modular 5 MW and 10 MW systems that use electrolysis to produce hydrogen from water; the company describes PEM technology as using electricity to split water into hydrogen and oxygen.[14][15] Its hydrogen-related equipment and offerings also include liquefaction systems, cryogenic storage, fueling infrastructure and fuel supply. Plug says it produces liquid hydrogen at facilities in Tennessee, Georgia and Louisiana and supplements its production with third-party supply.[16][17] The company describes GenKey as a turnkey customer offering that can include hydrogen-infrastructure installation and fuel delivery.[18]
Service offerings include maintenance contracts and spare parts for fuel-cell systems and related infrastructure, as well as hydrogen-fueling infrastructure services.[16][19] Plug does not report revenue percentages for individual named products in the cited filings. Its reported revenue categories show that equipment, related infrastructure and other accounted for 52.3% of FY2025 revenue and 47.1% of revenue in the first half of 2026; services on fuel-cell systems and related infrastructure accounted for 13.3% and 15.2%, respectively. Fuel delivered and related equipment represented 18.8% and 22.0%, while power-purchase-agreement revenue represented 15.2% and 15.6%. These are shares of consolidated revenue by reported category, not product-specific shares.[20][21] [9][10][13][11][12][14][15][16][17][18][19][20][20][21][21][20][21][20][21][20][21][13][19]
Geographic presence
Plug Power describes operating and sales activity across North America, Europe and Australia, including electrolyzer projects in Europe. It reports no country- or region-level revenue breakdown in its 2025 annual filing or 2026 second-quarter report, so geographic revenue shares are not available from those disclosures.[22][23]
The company’s New York footprint includes its Rochester gigafactory and fuel-cell manufacturing facility in Slingerlands, where its principal executive offices are located. Its hydrogen production facilities are in Georgia, Tennessee and Louisiana.[22][24][25] Plug also identifies a French subsidiary, Plug Power Europe, and Frames, a wholly owned subsidiary headquartered in the Netherlands.[26]
At the end of 2025, Plug reported 2,582 employees, including temporary employees: 2,216 in the United States (about 86%) and 366 outside the United States (about 14%).[22] Its European customer-site deployments include hydrogen-refueling stations in the UK, France, Germany, Spain and the Netherlands; these are deployment locations, not necessarily company offices.[27] [22][23][24][25][26][27]
Business segments
Plug Power reports one operating and reportable segment: the design, development and sale of hydrogen products and solutions. Its revenue categories are disaggregations of that single segment, not separately reported business segments.[28][29]
For the six months ended June 30, 2026, net revenue was $341.8 million. Equipment, related infrastructure and other sales—covering fuel-cell units, hydrogen storage and liquefaction systems, electrolyzers, and fueling infrastructure—contributed $160.9 million (about 47.1%).[21][3] Services on fuel-cell systems and related infrastructure, including service contracts and spare parts, contributed $51.8 million (15.2%).[21][30] Power purchase agreements contributed $53.2 million (15.6%), while hydrogen fuel delivered to customers and related equipment contributed $75.3 million (22.0%).[21][31][32] Other revenue was $0.6 million (0.2%).[21] Percentages are approximate shares of reported net revenue. [28][29][21][3][21][30][21][31][21][32][21][21]
Company history
Plug Power was founded in 1997 as a joint venture between Mechanical Technology Inc. and DTE Energy. In 1999, it became publicly traded and shipped its first stationary fuel-cell systems. It introduced its GenCore 5T direct-hydrogen fuel-cell product in 2003 and began commercial shipments that year.[33][34][35][36]
In 2007, Plug Power acquired Cellex Power and moved into fuel-cell systems for industrial vehicles; its GenDrive units subsequently gained material-handling customers, including Central Grocers in 2008. Andy Marsh became president and CEO in 2008. In 2014, the company launched GenKey, an integrated fuel-cell, hydrogen-supply, and service offering, and acquired ReliOn to expand its stationary power capabilities.[33][37][38][39][40]
From 2018 through 2022, a series of acquisitions broadened Plug Power’s technology and operating capabilities: American Fuel Cell and EnergyOr added fuel-cell development expertise, United Hydrogen and Giner ELX expanded hydrogen supply and electrolyzer capabilities, and Frames Group and Joule Processing added engineering and process-equipment capabilities. In 2026, Jose Luis Crespo succeeded Marsh as CEO.[41][42][43][44][45][46]
Sources
- PLUG POWER INC — Full financial report (2026 Q 2)
- www.plugpower.com[4]
- www.plugpower.com[5]
- www.plugpower.com[6]
- www.ir.plugpower.com[7]
- www.sec.gov[8]
- PLUG POWER INC — Full financial report (2025 Y)
- www.plugpower.com[13]
- www.plugpower.com[19]
- www.ir.plugpower.com[27]
- www.plugpower.com[33]
- www.ir.plugpower.com[34]
- www.ir.plugpower.com[35]
- www.ir.plugpower.com[36]
- www.ir.plugpower.com[37]
- www.ir.plugpower.com[38]
- www.ir.plugpower.com[39]
- www.ir.plugpower.com[40]
- www.ir.plugpower.com[41]
- www.ir.plugpower.com[42]
- www.ir.plugpower.com[43]
- www.ir.plugpower.com[44]
- www.ir.plugpower.com[45]
- www.ir.plugpower.com[46]
Continue your research
From company context to financial detail.
Explore original sources and worldwide fundamental financial data and intelligence with Finbar.
Explore PLUG POWER INC in Finbar ↗