Ava AbbottPlug Power is an energy technology company based in Latham, New York, which provides hydrogen fuel cell systems. The company was founded in 1997 as a joint venture between DTE Energy and Mechanical Technology and went public two years later.
In Feb 2017, Plug Power delivered the first shipments of its ProGen fuel cell engines for electric vehicles. The company introduced 125 kW ProGen fuel cell engines for trucks and heavy-duty equipment in Feb 2020.
In Jan 2022, Plug Power acquired Joule for $30 million. Joule specializes in natural gas conversions and can help Plug Power save about 25% in electricity costs for operating its hydrogen liquefiers – machines that convert hydrogen gas into a liquid. In 2021, Plug Power generated over $500 million in revenue. The company expects over $900 million in revenue in 2022. [1]
Plug Power’s clean hydrogen and zero-emission fuel cell solutions power forklifts and commercial vehicles. However, the company aims to produce vans powered by fuel cells and hydrogen to fuel them.
In Jan 2021, SK Group invested $1.5 billion in Plug Power for a 10% share. Under this deal, Plug Power and SK Group will form a joint venture to supply hydrogen fuel cell products to Asian markets.
Plug Power partnered with Renault and launched a joint venture in France in Jun 2021. But the company faces stiff competition from Ceres Power, Ballard Power, Bloom Energy, and Doosan Fuel Cell. [2]
Here is an in-depth analysis of Plug Power’s top ten competitors and alternatives:
1. Ceres Power
Year founded: 2001
Headquarter: London, UK
Ceres Power is a fuel cell technology and engineering company. The company generates electricity for businesses, homes, and vehicles. In 2021, Ceres Power had 485 employees and recorded a 34% increase in revenue to about £31.5 million. Its gross profits rose by 50%.
Ceres Power’s top-selling product is SteelCell, a highly efficient, fuel agnostic, and scalable fuel cell. In 2021, the company partnered with Bosch in a deal worth $32 million. They’ll collaborate to mass-produce Ceres Power’s proprietary solid oxide fuel cell (SOFC).
Ceres Power also has a partnership with Doosan Fuel Cell worth nearly $60 million to strengthen its foothold in the South Korean market. Ceres Power is a formidable Plug Power alternative. [3]
2. Ballard Power Systems
Year founded: 1979
Headquarter: Burnaby, Canada
Ballard Power is a Canadian fuel cell company specializing in proton exchange membrane (PEM) cells. It develops PEM fuel cell products for heavy-duty automotive, portable power, and material handling. In 2021, Ballard Power Systems generated $104.5 million in revenue.
Both Ballard and Plug Power specialize in PEM fuel cells. They collaborated to develop GenDrive, a system that integrates fuel cells manufactured by both companies. But Ballard’s zero-emission PEM fuel cells cater to more machines, including buses, commercial trucks, trains, marine vessels, and forklift trucks.
The company partnered with Siemens to electrify a passenger train and Tata Motors to power 15 buses. In Jan 2022, Ballard secured an order for 31 modules to be delivered in 2022 and 2023.
The modules will generate 3MW of hydrogen fuel cell power. Ballard Power is the top Plug Power competitor in the PEM cell tech. [4]
3. Cummins Inc.
Year founded: 1919
Headquarter: Columbus, Indiana
Cummins is a multinational corporation that manufactures engines and power generation products. The company has deployed 600 electrolyzers, 2,000 fuel cells, and 400 battery-electric power trains globally. In 2021, Cummins had 60,000 employees. Its full-year revenue increased by 21% to $24 billion in 2021.
Cummins is investing in PEM and solid oxide fuel cells (SOFCs). Both Cummins and Plug Power now offer these two types of hydrogen fuel cells. In Dec 2021, the on-site power manufacturer opened a new hydrogen-based R&D center in California.
It also plans to build an 18,000-square-foot fuel-cell integration site in West Sacramento. In Mar 2022, Cummins announced that it is selling its 2.5-megawatt electrolyzer to Hysetco to enable local hydrogen production in Paris, France. Cummins is one of the best alternatives to Plug Power for hydrogen fuel cells. [5]
4. Bloom Energy
Year founded: 2001
Headquarter: San Jose, California
Bloom Energy is an energy tech company that manufactures and sells solid oxide fuel cells. The company’s fuel cells produce electricity on-site. In 2021, Bloom Energy’s revenue increased by 22.4% to $972.2 million. The company expects more than $1 billion in annual sales for the first time in 2022. [6]
Bloom Energy has around 600 megawatts worth of fuel cells. It produces electricity by pushing natural gas or biogas gas through its wafer-designed, ink-stained panel.
In 2022, the company will ship the first batch of the Bloom Electrolyzer and its Hydrogen Energy Server. Both can be paired with wind or solar power sources to create green hydrogen. Bloom Energy is one of the fastest-growing Plug Power competitors.
5. Doosan Fuel Cell
Year founded: 1896
Headquarter: Seoul, South Korea
Doosan is a clean energy company and a subsidiary of the Doosan Group. The company shipped four hydrogen fuel cells worth $13.2 million to China, with a combined capacity of 1.8 megawatts. This shipment was South Korea’s first export of hydrogen fuel cells the product.
The fuel cells will generate heat and electricity for 400 households and one commercial building. [7] Both Doosan and Plug Power offer hydrogen fuel cells. But Doosan is expanding faster than Plug Power.
In Dec 2021, Doosan invested £89 million to build a 79,200-square-meter SOFC stack manufacturing plant in South Korea. The company also partnered with Hyundai in Oct 2021 and signed a deal with Ceres worth $60 million. Doosan Fuel Cell is a worthy alternative to Plug Power in the Asian market. [8]
6. ZeroAvia
Year founded: 2017
Headquarter: Kemble, England and Hollister, California
ZeroAvia is a hydrogen-electric company specializing in zero-emission powertrains. The company is building the world’s first zero-emission aircraft powered by a hydrogen fuel cell system. In 2021, ZeroAvia generated around $60 million in revenue and raised $35 million in funding.
Both ZeroAvia and Plug Power provide hydrogen fuel cells. But ZeroAvia focuses on aviation powertrains. In Apr 2022, ZeroAvia partnered with ZEV Station to develop hydrogen refueling stations at airports in California.
The company is also working with Shell, Royal Schiphol Group, Octopus Hydrogen, and the Hague Innovation Airport Foundation to build refueling ecosystems globally. ZeroAvia is the best alternative to Plug Power for hydrogen fuel cells for aviation. [9]
7. PowerCell Sweden
Year founded: 2008
Headquarter: Sweden
PowerCell is a Swedish company specializing in clean energy. The company manufactures power systems with reformer technology that converts fossil and renewable fuels into hydrogen to drive its fuel cells. In 2021, PowerCell’s net sales increased from $10.93 million to $16.97 million.
PowerCell delivered 12 PS-100 fuel cell systems in 2021, its largest serial-produced order. The company also has an order for a fuel cell system valued at $740,000 from the German company H2FLY.
In 2022, PowerCell will launch a new service to facilitate customers’ transition to hydrogen-electric solutions and invest in electrolyzers to produce hydrogen. PowerCell Sweden is a fast-growing alternative to Plug Power. [10]
8. FuelCell Energy Inc.
Year founded: 1969
Headquarter: Danbury, Connecticut
FuelCell Energy is a fuel cell company. It designs, manufactures, and operates fuel cell power plants. In 2021, FuelCell Energy generated $70.87 million in revenue.
FuelCell Energy operates and services Direct Fuel Cell power plants stock. The company recorded a 113% surge in revenue in the first three months of 2021, driven by increased demand for hydrogen fuel cells. Both FuelCell Energy and Plug Power are not profitable.
However, FuelCell Energy’s net loss is higher than Plug Power’s. As one of the oldest players in this sector, FuelCell Energy has enough experience to challenge Plug Power. [11]
9. Pajarito Powder
Year founded: 2012
Headquarter: Albuquerque, New Mexico
Parajito Powder manufactures fuel catalysts for electrolyzers, PEM cells, and alkaline fuel cells. It is a venture-backed company focused on renewable energy alternatives. In 2021, Pajarito Powder doubled its sales for the second straight year.
Both Pajarito and Plug Power operate in the growing green hydrogen industry. However, Pajarito Powder offers advanced catalysts that enable fuel cells and electrolyzers to produce electricity. Its product portfolio includes Platinum Group Metal (PGM), Engineered Catalyst Supports (ECS), and Precious Metal Free (PMF).
In Mar 2022, Parajito commenced its plan to expand operations in New Mexico. The company will create 50 jobs by establishing a new facility in Albuquerque, New Mexico. Pajarito Powder is a unique Plug Power competitor. [12]
10. Intelligent Energy
Year founded: 2001
Headquarter: Loughborough, UK
Intelligent Energy is a fuel cell engineering company. It develops PEM fuel cell technologies for automotive, stationary power, and unmanned aerial vehicles (UAVs). In 2021, Intelligent Energy had 25 employees across its offices in the UK, the US, Japan, South Korea, and China.
Both Intelligent Energy and Plug Power offer PEM fuel cells. Intelligent Energy raises awareness of the benefits of fuel cell technologies and renewable energy providers. On Oct 8, 2021, the company celebrated the seventh annual Hydrogen and Fuel Cell Day.
“Participating in the US National Hydrogen and Fuel Cell Day contributes to our mission to tackle climate change,” said Intelligent Energy CEO David Woolhouse. Intelligent Energy is an emerging Plug Power competitor. [13]
References & more information
- Colon, S. (2022, Jan 19). Plug Power projects revenue of over $900M. Times Union
- Smith, R. (2022, Apr 4). Why Plug Power Stock Popped 10% on Monday. The Motley Fool
- White, J. (2022, Jan 13). Ceres Power ends the year in line with expectations. Sharecast News
- Ballard (2022, Mar 11). Ballard Reports Q4 and Full Year 2021 Results. Ballard Press
- Walton, R. (2021, Dec 2). Cummins sets up shop for Hydrogen PEM Fuel Cell R&D Facility. Energy Tech
- Rossolillo, N. (2022, Apr 4). Why Bloom Energy Stock Surged Nearly 7% Higher Today. The Motley Fool
- Byung, K. (2021, Sep 27). Doosan Fuel Cell ships the first hydrogen fuel cells for power generation. The Korea Herald
- PP Editor (2022, Jan 10). South Korea: Doosan announces plans for hydrogen fuel cells plant. Petrol Plaza
- Sporrer, A. (2022, Apr 5). ZeroAvia partners on hydrogen aircraft refueling in California. Freight Waves
- MS Editorial (2022, Feb 2). PowerCell Sweden: Interim report fourth-quarter and full-year 2021. Market Screener
- Great Speculations (2022, Mar 23). Up 24% over the last month, what’s next for FuelCell Energy? Forbes
- AD News Desk (2022, Mar 7). Pajarito Powder Expands Albuquerque, New Mexico, Operations. Area Development News
- FCHEA (2021, Oct 8). Intelligent Energy Celebrates National Hydrogen and Fuel Cell Day. FCHEA.Org
- Featured image by Darren Halstead
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Kevin Johnson
Brianna Parker
S.K. Gupta
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