Inside Logistics

Plug Power named to technology ‘Fast 500’

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


November 17, 2017
by

LATHAM, N.Y. — Plug Power Inc. 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 a 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.

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. “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.