Plug Power charging up with new facility
Focused on growth, firm opens new Clifton Park fuel cell facility
The fuel cell maker opens its Clifton Park production facility, ushering in new phase of expansion strategy.
Plug Power CEO Andy Marsh officially opened the fuel cell maker’s new Clifton Park production facility on Friday, ushering in a new phase of the company’s expansion strategy driven by the company’s accelerating top-line revenue growth.
“The Capital Region is the home of Plug Power. We’ve been here since 1997, and we’re excited about having additional jobs and building this business,” Marsh said. “You’re on the pioneering journey with us.”
Although Plug Power has yet to break even or make a profit, it has been growing revenue at a quick pace, leading the company to believe it is heading in the right direction. Second-quarter 2018 revenue was $39.9 million, a 75 percent increase over the previous year.
The 38,400-square-foot facility, in a business park off the Ushers Road exit of the Northway, will supplement the company’s Latham headquarters and assembly plant, which is home to more than 300 of the company’s 650 employees.
The new Clifton Park site is expected to create an additional 97 jobs, with the company investing $2.8 million into the facility over the next five years.
The state has offered the company up to $640,000 in state tax breaks if it follows through on its job creation and investment goals at the site.
Plug Power makes hydrogenpowered fuel cells that are currently used primarily in forklifts at distribution centers for companies like Walmart and Amazon.
The fuel cells replace lead-acid batteries in the forklift trucks that often need to be changed out and replaced for recharging. On the other hand, Plug Power’s fuel cells can be refueled with hydrogen, a process that is much quicker, getting the vehicles back into service.
Marsh said he was with Walmart officials on Wednesday and he said the fuel cells have improved their warehouse productivity by eight percent.
“That’s a big number because of the attributes of fuel cells,” Marsh said.
But Plug Power is also testing large fuel cell engines in Fedex trucks and bringing the same technology to Asia. And Marsh says that helicopters would also be ideal for hydrogen fuel cells.
Marsh said he was talking to state Sen. James Tedisco, who attended Friday’s event, and Tedisco has joked that his district is so large — it’s bigger than Rhode Island — he almost needs a helicopter to be able to get to visit every part of it.
“Before he’s done,” Marsh said. “I’m convinced he will be in a helicopter powered by fuel cells because quite honestly, fuel cells make the most sense for those types of applications with electric motors. The world’s going electric, and how do you power it? It’s either batteries or fuel cells.”
Saratoga County officials praised the move by Plug Power on Friday as it became one of a growing number of companies that have moved operations northward to tap into a growing labor pool. Saratoga County has the highest labor force participation rate in the Capital Region and has the fastest growing population.
“We are delighted to welcome Plug Power to Saratoga County, where it joins a growing contingent of innovative clean tech, semiconductor and software companies that are making technology our fastest growing business sector,” said Marty Vanags, president of the Saratoga County Prosperity Partnership, the county’s economic development agency. “We applaud Andy Marsh and the entire team at Plug Power for its investment in our regional economy, commitment to grow the local workforce, and mission of advancing green technology that positively impacts our environment.”