Plug Power opening a production plant in Saratoga County
Plug Power is expanding into a new 38,400-square-foot building in Saratoga County to increase the production of its hydrogen fuel cell technology. DONNA ABBOTT-VLAHOS
Plug Power is expanding into a new 38,400-square-foot building in Saratoga County to help increase the production of its hydrogen fuel cell technology.
The building, at 620 Van Patten Dr. in Clifton Park, is off of I-87 North at exit 10, about 15 minutes from Plug Power's headquarters in Latham.
The company is hosting a ribbon cutting ceremony for the new space on Friday with U.S. Congressman Paul Tonko, who was a vocal supporter of reinstating a fuel cell tax credit that is crucial to Plug Power's business.
Plug Power (Nasdaq: PLUG) makes fuel cells used to power forklifts in warehouses and distribution centers. Fuel cells are seen as an alternative to lead-acid batteries.
Plug has shipped more than 20,000 fuel cell units to dozens of customers including Amazon.com Inc. (Nasdaq: AMZN), Walmart Inc. (NYSE: WMT) and Nike (NYSE: NKE).
The company has needed to increase its production after securing major deals with Amazon and Walmart in 2017.
Plug is one of the largest manufacturers in the area and is also one of the area's few public companies, employing more than 600 engineers, researchers and technologists.
CEO Andy 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.
In addition to its material handling business, Marsh has been mapping out what the future of Plug Power will look like, with potential to expand into on-road delivery vehicles, and to partner with companies in China.
Plug Power is on track to see gross revenues between $155 million and $180 million this year. Marsh said the company expects to break even in the second half of 2018.
Plug Power's shareholders, unsatisfied with the company's lack of profitability, have driven the company's stock down. The stock closed on Monday at $1.89. Its highest price this year has been $3.21, with its lowest annual price at $1.53.