. . . . . . .On Plug Power. . . . I don't recommend anyone buy PLUG at these levels without having firmly established positions long ago. Too risky at these heights. . .especially while many here at HOME are holding 3 to 5 baggers.
Our initial discovery of Plug Power:
siliconinvestor.com
Plug Power Website:
plugpower.com
Here are some interesting releases about what the company has been up to:
Governor, Plug Power Breaks Ground for Manufacturing Facility; Fuel Cell Maker to Nearly Double Size of Its Facility
8 June 1999 Latham, NY - Governor George E. Pataki today joined Plug Power President and CEO Gary Mittleman at a
ground-breaking ceremony for the fuel cell developer's new manufacturing facility on Albany-Shaker Road.
The new manufacturing facility, which is scheduled for completion in November, will enable Plug Power to begin beta-unit production of Proton Exchange Membrane (PEM) fuel cell systems for field testing starting next year, and commercial sale beginning in 2001. At 50,000 square feet, the new space will nearly double the size of Plug Power's current facilities.
"Plug Power is leading the way in developing the energy
technologies of the next century, and just as exciting, they're doing it right here in the Capital Region where they will continue to create jobs," Governor Pataki said. "Plug Power joins a long history of New York companies like Kodak and IBM that developed products and technologies here in New York that changed the lives of everyone across the world."
The new building will be located at the site of Plug Power's corporate Research and Development facilities on Albany-Shaker Road, just north of the airport. Demolition of the original structure began in late April and was completed last week. The new building will be dedicated to the manufacture of fuel cell systems. Plug Power's Research and Development labs and internal testing areas will continue to remain housed in the 54,000-square-foot building located immediately behind the new structure.
Plug Power President and CEO Gary Mittleman said, "We're
growing by leaps and bounds. Our technical progress is now being enhanced by a new manufacturing facility right here in the Capital Region. With this plant we will be able to meet all of the early commercial production demand, for worldwide distribution by GE Fuel Cell Systems."
Plug Power, which began as a team of 22 people, recently hired its 250th employee and expects to employ 300 people by the end of this year.
"We are literally bursting at the seams," Mr. Mittleman said. "When we first moved into the building, there were more offices than people to fill them. We are now 'doubled up,' but working like one big, happy family."
Fuel cells are on-site power generation devices that produce electricity through an electrochemical, rather than a combustion reaction. The benefits of fuel cell technology include higher efficiency, near zero emission of pollutants and other particulate matter (e.g. smog), and reliability. Plug Power is committed to developing and manufacturing fuel cell systems for residential, small business and automotive applications.
Plug Power, based in Latham, New York, was originally formed as a joint venture between DTE Energy Company (NYSE: DTE),
Michigan's largest electric utility, and Mechanical Technology Inc. (Nasdaq: MKTY), an early developer of fuel cell technologies. Since its founding in 1997, Plug Power has become the largest PEM fuel cell development company in the United States.
In 1999, General Electric (NYSE: GE) and Southern California Gas Co., a subsidiary of Sempra Energy (NYSE: SRE) joined as equity holders in the company.
Plug Power Breaks New Ground in Automotive Fuel
Cells: Demonstrates Automotive Systems to Ford
Motor Company
28 January 1999 Latham, N.Y. - In a significant achievement that brings highly efficient, zero-emission vehicles closer to commercialization, Plug Power announced today that it has
demonstrated to Ford Motor Company an advanced automotive
fuel cell system responsive to actual vehicle power requirements.
Plug Power will be providing the system to the U.S. Department of Energy for further testing.
The development of this advanced proton exchange membrane
(PEM) system is part of a $2.8 million joint program between Plug Power and Ford. Major funding for this program was provided by the U.S. Department of Energy.
This achievement represents an important move toward the creation of fuel cell systems capable of following the diverse power loads presented by a typical driving cycle. The Plug Power system performed exceptionally, closely replicating acceleration and deceleration conditions with sub-second responsiveness.
Plug Power's system -- comprised of auxiliaries needed to simulate operating an automobile -- exceeded its design specifications for power output during its test period, and provided maximum efficiency by adjusting its rate of fuel flow to required output levels.
In addition, the system attained 75% of its power in less than one-tenth of one second of operation, simulating the "cold start" capacity of a combustion engine.
"Ford, Daimler-Chrysler, GM and Toyota have, in total, committed more than $1 billion for development programs aimed at replacing the internal combustion engine with this clean and efficient technology," said Gary Mittleman, Plug Power's President and CEO.
"Although fuel cells for automotive applications are a number of years away from commercial reality, they will clearly constitute a huge market. Our recent demonstration to Ford using Plug Power's innovative technologies positions us as an industry leader in developing the automobile of the next millennium."
Plug Power Demonstration Home Becomes First Residence To Be Powered By A Fuel Cell System Running On Natural Gas
15 December 1999 Latham, N.Y. - In another technological first, Plug Power Inc. (NASDAQ: PLUG) announced today that the company is now providing electricity to its demonstration home in Latham from a fully integrated natural
gas fuel cell system.
The fuel cell powered home had been utilizing electricity generated from pure hydrogen from June 1998, when the fuel cell was first installed, until August 1999, when the transition to natural gas was completed.
The unit's successful four-month test run demonstrated its high reliability using natural gas. The upgraded system includes Plug Power's fuel cell stack; a power conditioner; and natural gas fuel processor.
"Powering a house with electricity from a natural gas fuel cell system is an important first for Plug Power and for the fuel cell industry," said Gary Mittleman, Plug Power's president & CEO. "We've demonstrated that the technology is
viable, and can now focus on lowering the cost of production and bringing this innovative product to market."
About half of all homes in the United States use natural gas for heating and/or cooking, and there are currently more than 70 million homes in the United States that are connected to or nearby a natural gas line.
Plug Power plans to make its fuel cell systems available through a joint venture with GE MicroGen, a subsidiary of GE Power Systems, beginning in 2001.
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Now I certainly realize that this company will not be seeing much in the way of revenues for a whole year. . .but we are not talking about a company coming out with a new model of vacuum cleaner here. We are talking about homes that are self-sufficient. . . running on natural gas, propane, methane, diesel fuel or other fuels. . .eliminating the monopoly of the electic companies. <VBG>
This is revolutionary technology, which is akin to the sort of changes big industry is undergoing, as it carves its niche in the world of business-to-business internet. Rows of new homes with no electric bills. The internal combustion engine as used in nearly every car. . has not been replaced since it was first invented about 120 years ago. The fuel cell could even replace these one day. . . again. . not for some time to come.
I see this as MSFT in 1985 or AOL in 1992 or for that matter Ford Motor in 1914.
If I read that article correctly, PLUG has a total of 104,000 square feet of factory and offices for mass production of fuel cells, primarily for GE. . .and will have units shipping next year.
My study of fuel cell companies showed that Plug Power really has no competition. . .and is YEARS ahead of any other companies production on these. To me, this says ground floor opportunity. . .I fully intend on placing some of these shares in a drawer and forgetting them.
But for now, I will trade. . . selling the peaks and buying back the dips as others determine which direction we trade next week.
Best wishes to all.
Rande Is |
