Andy Marsh

Fuel cell technology integrator Plug Power Inc shows its wares to Yale Materials Handling dealers next week as part of a pursuit of multiple leads from forklift users and manufacturers. Plug Power's line of GenDrive fuel cell power units targets materias handling applications and its GenCore fuel cell power units focus on backup-power scenarios.

The Latham-based firm's sales force will "work closely with lift truck OEM national account personnel to prospect and develop new opportunities," says Andy Marsh, president and chief executive officer. "In addition to the interest we received directly from customers, we have received many leads from the lift truck OEMs, whose customers have expressed interest in our fuel cells."

As an example, he cites the request to participate in the national Yale meeting. "On Nov 17th, (we will) introduce both our class 1 and class 3 products to the Yale (dealer) principals. This is significant (in part) because Nacco is one of the top two manufacturers of class 1 lift trucks with deep ties to some very large and well-known companies that have been testing fuel cell applications, such as John Deere, Federal Express, General Motors and others."

Plug Power has other materials handling initiatives.

"We also expect (to move) deep in our distribution and product development relationships with Crown Equipment and Toyota Raymond throughout 2008/9 and beyond," Marsh notes. "They are the dominant suppliers of class 3 lift trucks with a high throughput distribution market and have been forthcoming with new sales leads."

Plug Power will exhibit at next year's largest North American materials handling trade event. "In January of 2009, we will be participating in the ProMat show in Chicago," Marsh says. "Based on our experience of previous trade shows, we expect this show will also generate many new sales opportunities for our GenDrive product."

Plug Power has increased the size of its GenDrive sales team. "We have added four individuals, and we have placed them regionally across the country," Marsh notes. "And most of them have come onboard over the past month."

Tom Hoying, vice president of GenDrive sales, joined Plug Power as part of its April 2007 USD46.1 million acquisition of Cellex Power Products Inc.

Earlier, Hoying "was an executive at Crown, a leading forklift truck manufacturer," Marsh says. "We have another seasoned individual in Tennessee, Tony Troutt, and four additional sales folk we've added to the team in the last three months." Troutt, vice president of business development, joined Plug Power as part of the May 2007 USD12.4 million acquisition of General Hydrogen Corp.

Marsh, who spoke by telephone from Mumbai, India, highlights the recent eight-year extension of the US investment tax credit for fuel cell technology.

"A long-term extension of the ITC has been a top priority for the (fuel cell) industry," Marsh says, "and it is expected to help accelerate full-scale commercialization of fuel cell technology. Beginning Oct 3rd, our business customers will be able to take advantage of the 30% credit with a cap at USD3,000 per kilowatt, an increase from USD1,000 per kilowatt."

Marsh joined Plug Power on April 8 and has 25 years of experience in the telecommunications industry. As CEO, he succeeded Roger Saillant, who retired.

For the third quarter ended 30 Sept, Plug Power lost USD13.8 million on total revenue of USD4.1 million versus a loss of USD15.2 million on revenue of USD4.5 million in the comparable 2007 period.