If you look closely at Plug Power’s recent presentations and sales brochures, you’ll notice sort of a new slogan flying around: Today’s Fuel Cells for proven, reliable power. And if you listen to recent conference calls, you’ll hear Andy Marsh talk about the future of hydrogen fueling stations. He’ll mention other companies’ grand visions for hydrogen stations in the 2020s, but then he’ll interject that Plug Power is actually making those stations today. At one point, Marsh nearly guaranteed that Plug Power would be the company to figure out hydrogen fuel on a grand scale. So it’s no surprise that Plug Power is making some subtle moves to prepare the company for that mass hydrogen fueling market.
As always, investors should listen closely to Plug’s conference calls and carefully read the PRs. . . pay attention to what facts the company highlights, and keep in mind that they carefully choose the wording within their PRs. Recently here’s what has stood out to me:
1. Plug Power highlighted the successful launch of an all-weather hydrogen fueling station at the Memphis Airport
2. Andy Marsh repeatedly mentioned the launch of a mini-GenFuel solution at FreezPak Logistics’ newest facility in New Jersey
3. The company is working on perfecting a GenFuel skid, and Andy Marsh even asked investors to visit Latham and check it out
4. Next month, Plug Power will showcase their hydrogen infrastructure at the Memphis Airport to various government officials and VIPs
While the entire list above is important, I made sure to bring extra emphasis to three italicized phrases: all-weather hydrogen fueling station, mini-GenFuel solution, and GenFuel skid. These three things are essential to creating a mass-market hydrogen fueling infrastructure.
Imagine a state legislature hoping to create a vast hydrogen network within their state, or a local gasoline station looking to install a hydrogen pump to support the growing demand for hydrogen cars. Imagine if that gas station didn’t need to close while installing the new hydrogen pump, and if the system could be slid into place in a few days on a skid. In order for these visions to become a reality, each fueling location would need to be small-scale, suitable for all weather conditions, and turnkey. Plug Power is mastering these mass-market needs today, all while providing value to current customers and reducing company costs.
As a side note, I know that I’m probably a little too enthused about the skid development. But I really appreciate how it shows a push to cut costs through innovation, it provides yet another turnkey solution for current customers (making GenKey even more turnkey than it already was), and it paves the road to penetrating that mass hydrogen market. . . all in one swoop. Impressive stuff in my opinion.