Fuel cell specialist Plug Power says it is experiencing "capital challenges" and may seek to sell the company. Strategic options include asset sales and the possible sale of the company, publicly traded Plug Power reports as part of a 1 April financial filing. During 2012, Plug Power lost USD31.9 million on sales of USD26.1 million.

In a separate but related 27 March agreement, an entity known as 968 Albany Shaker Road Associates LLC of Albany, New York purchased Plug Power's headquarters property of 34.45 acres and three buildings for USD4.5 million. Plug Power plans to lease a portion of the space for 15 years and obtained an option to repurchase portions of the property.

Meanwhile, Plug Power reports the sale of 65 GenDrive units that will power Crown Equipment Corp forklifts at a new Texas warehouse of Ace Hardware Corp. Terms were not disclosed

Plug Power customer Ace Hardware broke ground in mid-March for a 450,000 sqft. (41,805 sqm) regional distribution centre in the Sunridge business park in Wilmer, Texas south of Dallas. Once the new facility is completed, Ace will relocate an existing retail support centre about 30 m. (48 km) from Arlington, Texas.

"We look forward to working with Ace Hardware as yet another new customer in the Plug Power lineup," says Andrew Marsh, Plug Power president and chief executive officer. "Over the next six to 12 months, Ace Hardware will see improved productivity, lower electrical bills and more floor space available for storing goods."

Dave Forte, director of distribution support and engineering for Ace Hardware of Oak Brook, Illinois, says, "The implementation of a hydrogen fuel cell-based application for our material handling equipment advances our strategy to provide the highest level of support to our customers and the communities that we serve, and that includes distribution centres that are focused on sustainability."

As of 31 December, Plug Power had 156 employees including six temporary employees. An 11 December restructuring eliminated 22 full-time positions. "As a result of the restructuring, we expect to reduce annual expenses by USD3.0 million to USD4.0 million," the company says.

Key accounts for Latham-based Plug Power technology include Wegmans, Whole Foods and FedEx Freight. Plug Power has distributed more than 3,500 units that have logged in excess of six million hours of runtime.

Plug Power focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies and fuel cell/battery hybrid technologies.