November 30, 2012

Plug Power lands Procter & Gamble deal

By: Richard A. D'Errico

Source: Business Review

Procter & Gamble has picked Plug Power’s GenDrive fuel cells to power its fleet of forklift trucks at four manufacturing plants.

Plug Power (Nasdaq: PLUG) makes GenDrive fuel cells that are powered by hydrogen and are designed to replaced lead-acid batteries. Procter & Gamble (NYSE: PG) will use the GenDrive product at its plants in Pennsylvania, California, North Carolina and Louisiana. More thant 340 units will be deployed at P&G.

Plug said one of the benefits of its GenDrive fuel cell is that it provides constant voltage to the forklift truck. It also reduces greenhouse gas emissions by more than 60 percent.

Plug Power reported a net loss of $10.3 million in the third quarter, up from a net loss of $6.3 million in the year-ago period.