LATHAM, N.Y.— (NASDAQ:PLUG) Plug Power Inc., a leading provider of energy solutions that change the way the world moves, has been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2019.
The 2019 Most Innovative Companies (MIC) list honors 50 businesses making the most profound impact on both industry and culture, showcasing a variety of ways to thrive in today’s volatile world. Half of the companies on this year’s MIC 50 list are appearing for the first time.
“Hydrogen is the way of the future – specifically in mobility applications. We’ve proven this for a long time at Plug Power, and it’s incredible to have such a distinguished and forward looking media company such as Fast Company recognize Plug Power, not only for the impactful work we’re doing today, but also the for the vast and comprehensive potential of hydrogen fuel cell power in the future,” said Andy Marsh, CEO, Plug Power.
With the future in mind and the ability to provide cleaner and more efficient mobility options, Plug Power has made great strides towards on-road vehicle applications in 2018. With the team’s hands-on experience, Plug Power applied its knowledge of fuel cell engine design and launched the first FedEx hydrogen fuel cell-powered electric vehicle (FCEV). With Plug Power’s hydrogen and fuel cell solutions, the FedEx vehicle range was extended to 160 miles – 166% greater than BEVs alone, and the driver can refuel its truck in minutes instead of spending hours to charge batteries. These benefits are allowing the truck and its drivers to get back on the road faster and deliver more packages. The FedEx truck has accumulated more than 14,000 on-road miles. This marked a defining moment for Plug Power, as the company delivered on its commitment to expand into on-road applications such as delivery trucks, while still remaining true to its core material handling business.
Plug Power continues its transformational efforts within industrial mobility, bringing clean hydrogen fuel cell solutions to major retailers that aim to reach consumers’ demands for immediacy – shopping online 24 hours a day for groceries, clothing and medication. With the rise of parcel volume – expected to increase at a rate of 17 – 28% each year until 2021 – operations within the material handling industry are being revolutionized through the efficiency gained with Plug Power’s hydrogen fuel cell technology. The United States Postal Service, a Plug Power customer since 2017, avoided $3.5 million in annual costs within the first year of using Plug Power, resulting in a ROI of 107%.
To date, Plug Power’s innovations have resulted in more than 25,000 units in the field, 180 million hours of fleet operation, and over 16 million hydrogen fills – officially the most in the world.
This year, Fast Company’s editors and writers sought out groundbreaking businesses across 35 industries and every region. They also judged nominations received through their application process.
The World’s Most Innovative Companies is Fast Company’s signature franchise and one of its most highly anticipated editorial efforts of the year. It provides both a snapshot and a road map for the future of innovation across the most dynamic sectors of the economy.
“Established players are showing the same kind of nimbleness that we’ve generally associated with startups,” said Fast Company deputy editor David Lidsky, who oversaw the issue with senior editor Amy Farley.
Fast Company’s Most Innovative Companies issue (March-April 2019) is now available online at https://www.fastcompany.com/MIC, as well as in app form via iTunes and on newsstands beginning February 27th. The hashtag is #fcmostinnovative.
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. Learn more at www.plugpower.com.
ABOUT FAST COMPANY
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies and thinkers on the future of business. Since 2011, Fast Company has received some of the most prestigious editorial and design accolades, including the American Society of Magazine Editors (ASME) National Magazine Award for “Magazine Of The Year,” Adweek’s Hot List for “Hottest Business Publication,” and six gold medals and 10 silver medals from the Society of Publication Designers. The editor-in-chief is Stephanie Mehta and the publisher is Amanda Smith. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication Inc., and can be found online at www.fastcompany.com.