RE:RE:RE:PLUG up 27% after hours tamaracktop wrote: As I recall, Plug was listed among HyGear's former customer, was it not? Any association with Plug certainly can't hurt.
08/06/2016Plug Power Inc. (NASDAQ: PLUG), a leader in providing energy solutions that change the way the world moves, and HyGear, supplier of cost-effective industrial gases, today announce they are partnering to supply HyGear’s hydrogen generation technology to Plug Power fuel cell customers globally. The first deployments are scheduled to be installed in the fourth quarter of 2016 at a new site for one of Plug Power’s existing customers.
Industry-first Partnership Enables Market Penetration and Expansion
HyGear’s hydrogen generation technology, called Hy.GEN®, is based on small-scale reforming. The Hy.GEN® provides an on-site, low-cost, efficient and flexible alternative to conventional hydrogen supply including large-volume liquid systems, hydrogen supply by road distribution or electrolysis. Hy.GEN® systems are very efficient and highly reliable, and allow customers flexibility in fuel generation and consumption, including the option to use biogas for a “green” hydrogen solution.
In addition, distributed generation of hydrogen eliminates the need to transport the fuel onsite, further improving the sustainability of the overall GenKey solution Plug Power provides to its customers. The use of hydrogen as an energy source is attracting attention globally, as its impact on corporate sustainability initiatives is being witnessed today.
“Partnership with such a great and renowned company as Plug Power is of great importance for HyGear’s worldwide recognition and expansion. Also, it is a great step towards a cleaner transportation system and a more energy efficient world,” says HyGear’s CEO Marinus van Driel.
Plug Power has continually emphasized its plans to expand its hydrogen offerings, and this partnership with HyGear is part of Plug Power’s long-term goal of making hydrogen a cost-effective and ubiquitous fuel. HyGear’s leading reformer solution allows Plug Power to address a more diverse set of customers including small material handling fleets and a broader base of tethered fleet vehicles.
“Plug Power has a history of developing elegant solutions for hydrogen storage, handling and dispensing,” says Andy Marsh. “This partnership enables us to elevate our GenFuel offerings by leveraging HyGear’s industry-leading solution. This partnership will stimulate growth of Plug Power’s addressable market today, and open new global markets in the future.”
Plug Power will offer HyGear’s Hy.GEN® reformer technology as an option under its GenFuel platform to material handling and stationary power customers worldwide.