Plug Power Inc. and Ballard Power Systems Inc. have extended their existing supply agreement, effective immediately, through 2014. Ballard will remain the exclusive supplier of fuel cell stacks for Plug Power’s full suite of GenDrive power units.
In addition, Plug Power will become the exclusive systems integrator for Ballard’s fuel cell stack into solutions addressing the material handling market in North America. The previous agreement was due to expire 31 December 2010.
This agreement will allow Plug Power and Ballard continued leadership as the pre-eminent providers of fuel cell energy products in this industry—the two have more than 85% market share in the material handling space.
Ballard has been the exclusive fuel cell stack supplier for Plug Power’s GenDrive product line since 2008. GenDrive is a power alternative to lead-acid batteries in electric material handling vehicles.
Customers include Walmart Canada, United Natural Foods, Inc., Sysco Houston, FedEx Freight, Wegmans, and Whole Foods.