Plug Power Announces Public Success and Future Plans for Fuel Cell Products
Plug Power Inc. (Latham, NY) recently announced its value has increased nine-fold since it went public in October 1999. The company has plans for its fuel cells to be installed in homes, and to produce enough electricity to heat and light the houses.According to Plug Power, the fuel cells are powered by natural gas. The hydrogen in the gas is combined with air and water to create electricity. A residential fuel cell is already providing the power to the New York home of Plug Power's chairman. Commercially, the fuel cells are expected to be marketed to a few hundred customers beginning in 2001, according to Jay Corn, vice president of business development.