LATHAM, N.Y.-- Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy solutions that change the way the world moves, has been named to Deloitte's 2017 Technology Fast 500™, a listing of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America. The Deloitte Technology Fast 500 is based on percentage of revenue growth from fiscal year 2013 to 2016, with Plug Power growing by 223 percent during this period.
Plug Power is the undisputed leader in the commercially-viable hydrogen and fuel cell market. In total, the company has almost 19,000 GenDrive fuel cells deployed in industrial electric vehicle applications with Fortune 500 companies including Walmart, Amazon and Home Depot. The fleet has more than 150 million run-hours, with operators completing more than 8.5 million hydrogen fuelings via its GenFuel hydrogen stations. The company’s signature solution, GenKey, offers customers a true turnkey solution that makes fuel cell adoption easier and greatly improves efficiency and throughput.
Andy Marsh, CEO of Plug Power said, “Plug Power’s innovative fuel cell solutions enable markets where asset utilization is critical to operate at higher levels of productivity and operational efficiency. Plug Power solutions provide an attractive value proposition for material handling customers– industrial electric vehicle users constantly seek productivity-enhancing solutions that positively impact the bottom line.”
“As the trend to electrification of mobility spans the industrial vehicle market, Plug Power has expanded to support fleet vehicle applications like airport ground support equipment (GSE) and electric delivery vans with its ProGen hydrogen fuel cell engine solutions.” Marsh continued, “Plug Power has clearly demonstrated its ability to adapt its modular ProGen fuel cell engine technology to address the broader market outside of material handling through initial success with on-road fleet vehicle applications such as FedEx delivery vans and electric trucks in the Chinese market.”
“The Deloitte 2017 North America Technology Fast 500 winners underscore the impact of technological innovation and world class customer service in driving growth, in a fiercely competitive environment,” said Sandra Shirai, vice chairman, Deloitte Consulting LLP and U.S. technology, media and telecommunications leader. “These companies are on the cutting edge and are transforming the way we do business. We extend our sincere congratulations to all the winners for achieving remarkable growth while delivering new services and experiences for their customers.”
“Emerging growth companies are powering innovation in the broader economy. The growth rates delivered by the companies on this year’s North America Technology Fast 500 ranking are a bright spot for the capital markets and a strong indicator that the emerging growth technology sector will continue to deliver a strong return on investment,” said Heather Gates, national managing director of Deloitte & Touche LLP’s emerging growth company practice. “Deloitte is dedicated to supporting the best and brightest companies of the future in the emerging growth company sector. We are proud to acknowledge the significant accomplishments of this year’s Fast 500 winners.”
Plug Power was previously named to Deloitte's Technology Fast 500™ list in 2016. Overall, 2017 Technology Fast 500™ companies achieved revenue growth ranging from 135 percent to 59,093 percent from 2013 to 2016, with median growth of 380 percent.
About Plug Power Inc.
The architect of modern hydrogen and fuel cell technology, Plug Power is the innovator that has taken hydrogen and fuel cell technology from concept to commercialization. Plug Power has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. The Company’s GenKey solution couples together all the necessary elements to power, fuel and serve a customer. With proven hydrogen and fuel cell products, Plug Power replaces lead acid batteries to power electric industrial vehicles, such as the lift trucks customers use in their distribution centers.
Extending its reach into the on-road electric vehicle market, Plug Power’s ProGen platform of modular fuel cell engines empowers OEMs and system integrators to rapidly adopt hydrogen fuel cell technology. ProGen engines are proven today, with thousands in service, supporting some of the most rugged operations in the world. Plug Power is the partner that customers trust to take their businesses into the future. www.plugpower.com.
About Deloitte’s 2017 Technology Fast 500™
Deloitte’s Technology Fast 500 provides a ranking of the fastest growing technology, media, telecommunications, life sciences and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2013 to 2016.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD, and current-year operating revenues of at least $5 million USD. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.