Plug Power Inc. a provider of hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity, announced today it has expanded its GenKey offering to enable fuel cell adoption for warehouses that operate fewer than 100 electric forklifts. The company says this segment of the forklift market represents more than 25% of all forklifts sold in the U.S., and that users will have access to cost-effective hydrogen fuel cells and the increased productivity they unlock.
Plug’s solutions are incentivized by the Inflation Reduction Act, which has significantly lowered the cost of green hydrogen. Fuel cells also benefit from federal tax credits.
“Building on our experience in creating the first commercially viable market for fuel cells, Plug is proud to be leading the industry in making green hydrogen adoption easy for a wider set of customers,” said Jose Luis Crespo, General Manager of Fuel Cell Applications and Global Accounts. “Our turnkey expanded GenKey offering is making the adoption of hydrogen easy for the material handling industry, allowing more businesses to benefit from increased productivity, lower costs and more flexibility.”
Benefits include access to green hydrogen from renewable sources, including Plug’s hydrogen production plants, a modular, more flexible hydrogen storage solution, and freedom from the electricity grid. Powering forklifts with fuel cells in a facility reduces the need to use electricity from the utility, or frees up electricity for other applications.
Plug, based in Latham, NY, says its fuel cells offer significant cost savings compared to battery alternatives. Customers can save upwards of $260,000 and as high as $1 million per year when compared to batteries. Orders for this offering are being accepted now with deliveries expected in the fourth quarter of 2023 for U.S. customers. Plug plans to soon have a similar offering for the European market.
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