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Plug Power, the Latham fuel cell manufacturer, shipped its first hydrogen fuel cells specifically designed for the electric vehicle market, a major milestone for the company, which so far has focused on the material handling sector.
The company announced Wednesday that it had shipped its first production level ProGen fuel cell engines to FedEx Freight, which will use the fuel cells as range extenders for electric delivery vans in the Los Angeles area.
Plug Power is also planning to ship ProGen engines to China for a partnership there during the second quarter of the year.
“The electrification of the auto market is undeniable,” Andy Marsh, Plug Power’s CEO said in a statement.
He added that the ProGen accounts for the “range anxiety” that many electric vehicle owners face that they will run out of power before they have an opportunity to charge their electric battery.
“ProGen eliminates that stress, and for that reason, we see this market as large and impactful to Plug Power’s bottom line,” Marsh said.
Plug Power does manufacturing both in Latham and in Spokane, Wash.
Despite the fact that Plug Power has been one of the more successful renewable energy companies in the state, its shares have suffered over the past 12 months, trading this week in the 90-cent range, compared to $1.56 a year ago.
Part of that drop is believed to be a result of Congress not extending an investment tax credit for fuel cell purchases.
Back in March of 2014, the company’s stock was trading above $8.
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