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Plug Power Inc. Message Board

  • midasrahodeb midasrahodeb Feb 21, 2013 2:11 PM Flag

    Was Recent Stock Issue Simply Stopgap Funding for PLUG/DOE Project? : )

    With a $2.5 million DOE grant awarded in October 2012, Plug Power is in the opening stages of converting ground support equipment over to hydrogen fuel cells. I was previously aware of the announcement; however, didn't realize the scope of the project until now.

    Here's an excerpt from an Aviation Pros article dated December 25, 2012 that sheds some light on recent developments (You may want to reference the website for the complete article):

    As of New Year’s Day, a company not widely known in the ground support equipment industry starts work to develop a promising alternative to power electric tractors. That’s the official start date that Plug Power Inc., Latham, NY, a fuel cell company started in 1997, begins a project funded with a $2.5 million grant from the Department of Energy to retrofit 15 Charlatte CTGE cargo tractors with its brand of hydrogen-powered fuel cells . . . Plug Power may be a new name to Ground Support Worldwide readers, but it’s no stranger to FedEx since the company brings along a proven track record with its fuel cells used for material handling applications . . . Although early sales were spurred by government money, Plug Power says its subsequent sales from the material handling industry have been earned without any financial incentives . . . Moving into the GSE market seems an obvious choice to the company. At stake are not just cargo tractors, but all other electric GSE.

    Simply stated, what caught my attention in all of this was the comment by PLUG CFO Conway in reference to the recent $2.4 million offering: “You don’t want to raise too much or too little,” Conway said in a recent article appearing in the Albany Business News.

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