Top 10 Plug Power Competitors and Alternatives

Top 10 Plug Power Competitors and Alternatives

Plug Power is a New York-based energy technology firm that sells hydrogen fuel cells. Mechanical Technology and DTE Energy partnered up in 1997 to form Plug Power and then launched the company publicly two years after.

This firm produced the first ProGen fuel cell generators for automobiles in February 2017. In February 2020, the business debuted 125-kW ProGen fuel cell motors for vehicles and high-powered machines.

General Overview of Plug Power

Zero-emission and hydrogen fuel cell technologies from Plug Power operate trucks and heavy-lifting vehicles. Nevertheless, the business intends to build vehicles that run on hydrogen, and fuel cells.

Plug Power paid $30M for Joule in January 2022. Joule focuses on biogas transformations and can assist Plug Power in saving around 25% on energy bills for running its hydro liquefiers. Simply explained, these tools transform hydrogen gas to a liquid.

Plug Power is expected to earn more than $500M sales by 2021. In 2022, the firm intends to generate more than $900M in sales.

Despite its achievements, Plug Power faces intense rivalry from many famous energy technology companies, including Cummins Inc., Bloom Energy, Ceres Power, Ballard Power, and many more. Here is a close inspection of Plug Power’s top 10 alternatives:

1. Cummins, Inc.

This renowned energy technology global firm produces electric motors and power generators. Currently, the business has installed hundreds of electrolyzers and rechargeable battery power trains, and over thousands of fuel cells.

Cummins has invested plenty of resources in Solid Oxide Fuel Cells, also known as SOFCs, and PEM. These two hydrogen fuel categories are currently available from Cummins and Plug Power.

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The field-based power planned to construct a new Research And Development (R&D) facility on hydrogen in California in December 2021. It also intends to construct a massive (18,000sqf) fuel-cell integrated facility in California.

Cummins reported in March 2022 that it would sell its big-capacity electrolyzer to support local hydrogen generation in Paris. Without a doubt, Cummins is a potential choice compared to Power Plug. In 2021, Cummins’ full-year revenue grew to $24 billion.

2. Bloom Energy

Bloom Energy creates and distributes SOFCs. The company contains approximately 600-MW fuel cells. It generates energy using biogas or natural gas to go through its ink-stained wafer-designed screen.

Bloom Energy’s sales are anticipated to climb to $972.2M in 2021. And in 2022, the firm intends to surpass $1B in annual revenues in history.

3. Ceres Power

Ceres Power is an engineering firm that advances fuel cell invention based in London, UK. The corporation produces power for companies, residences, and automobiles.

SteelCell, an extensively competent and scalable fuel cell, is one of Ceres Power’s best-selling products. Therefore, the business worked with Bosch in a $32M transaction in 2021.

They worked together to generate far-reaching Ceres Power’s patented SOFCs. Moreover, Ceres Power has a roughly $60M closing deal with Doosan Fuel Cell to boost its position in the

South Korean marketplace.

For this reason, Ceres Power is a strong Plug Power substitute. The organization’s sales increased to almost £31.5 million in 2021.

4. Doosan Fuel Cell

Doosan, division of the Doosan Group, is a Korean sustainable energy firm. Its $13.2M hydrogen fuel cells were supplied to China, with an overall 1.8 MW capacity. 

Its fuel cells provide heat and energy to 400 homes and one business facility. It is true that both Doosan and Plug Power do similar business, but Doosan appears to be escalating faster

than Plug Power.

In October 2021, the firm teamed with Hyundai and struck a $60 million agreement with Ceres. In the Asian market, Doosan Fuel Cell is a feasible alternative to Plug Power. Doosan committed £89M in December 2021 to establish a 79,200-square-meter SOFC stack manufacturing factory in South Korea.

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5. Ballard Power Systems, Inc.

Made in Canada, Ballard Power is a fuel cell firm based in Burnaby. The company is highly regarded as a specialist in Proton Exchange Membrane (PEM) cells. It creates PEM fuel cell solutions for heavily-loaded automobiles, power transmission, and other industry-wide material handling equipment applications.

Although Plug Power and Ballard are both experts in PEM fuel cells, Ballard’s zero-emission PEM fuel cells are more suitable for a wider range of equipment, like buses, commercial vehicles, railroads, maritime machines, and fork hoists.

The firm joined Siemens aiming to power up a commuter train and worked with Tata Motors to run 15 buses. Ballard received 31-ordered units to be supplied in 2022 and 2023 consecutively.

Ballard Power is the leading Plug Power rival in PEM cell technology. Ballard Power Systems made $104.5M in sales in 2021.

6. FuelCell Energy Inc.

This corporation manufactures, develops, builds, and handles all fuel cell power facilities. It owns and runs Direct Fuel Cell power facilities. Revenue climbed by 113% in the first quarter of 2021, owing to increasing business demand.

FuelCell Energy, as one of the industry’s senior participants, has the competence to compete with Plug Power.  It is estimated that FuelCell Energy Inc. earned roughly $70.87M in sales in 2021.

7. Pajarito Powder

Pajarito Powder produces fuel cells for electrolyzers, PEM, and alkaline. It is a venture-capitalized firm specializing in sustainable energy sources. Pajarito Powder quadrupled its revenues in 2021.

The company produces superior compounds that empower fuel cells and electrolyzers to generate power. Engineered Catalyst Supports (ECS), Precious Metal-Free, and Platinum Group Metal (PGM), are among its top-rated product offerings. Pajarito Powder is a one-of-a-kind Plug Power rival.

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8. ZeroAvia

ZeroAvia , a hydrogen-electric vehicle manufacturer, concentrates on zero-emission engines and transmissions. The business is developing the world’s pioneer zero-emission airplane, which hydrogen fuel cell technology will operate.

Although ZeroAvia and Plug Power impart the same solution, ZeroAvia highly deliberates on aerospace powertrains. ZeroAvia collaborated with ZEV Station in April 2022 to create hydrogen refueling stations at California airports.

In addition, the firm is collaborating with Octopus Hydrogen, Royal Schiphol Group, Shell, and the Hague Innovation Airport Foundation to develop worldwide energy ecosystems. ZeroAvia could be the greatest replacement for Plug Power for aviation hydrogen fuel cells.

ZeroAvia earned around $60M in sales and secured $35M in investment in 2021.

9. Intelligent Energy

Intelligent Energy designs fuel cells. It creates PEM fuel cell technology in automobiles, unmanned Aerial Vehicles (UAVs), and stationary electricity. The entity promotes the advantages of fuel cell technology and sustainable energy suppliers. Intelligent Energy has offices in the United States, the United Kingdom, South Korea, Japan, and China.

10. PowerCell Sweden

PowerCell is a sustainable energy startup based in Sweden. The business builds power systems that use reforming technology to transform fossil and eco-friendly fuels into hydrogen to power its fuel cells.

PowerCell delivered 12 PS-100 fuel cell units, its largest serial-production order in 2021. H2FLY, a German startup, has also placed an order for a $740K fuel cell system with the


PowerCell’s net sales climbed from $10.93M to $16.97M in 2021. PowerCell also plans to introduce more new services to help consumers shift to hydrogen-electric solutions and develop electrolyzers to manufacture hydrogen. PowerCell Sweden is a rapidly expanding competitor to Plug Power.

Final Verdict

By 2050, the hydrogen industry is expected to be worth more than $11 trillion. Like electric cars (EVs), authorities worldwide are stipulating rewards in tax credits, subsidies, and loans to satisfy sustainability initiatives. These tailwinds and ever tech prices will keep the sector humming.

These ten firms are developing answers to some of the world’s most critical energy concerns, whether supplying electricity to distant villages or offering road maps to lead cities toward

emissions reduction.

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