^ a b c d e f 'Plug Power Company 2019 10-K'.

It is subject to an ongoing shareholder class action lawsuit for securities fraud over alleged misrepresentations and/or failures to disclose its inability to timely file its 2020 annual report and material weaknesses in its internal controls over financial reporting. On Mathe company announced that they would have to restate financial statements for fiscal years 20 as well as some recent quarterly filings. Securities and Exchange Commission stating that it could not timely file its annual report for the period ended December 31, 2020. On March 2, 2021, Plug Power filed a Notification of Late Filing with the U.S. The deal would launch a joint venture in France by the end of June 2021. In January 2021, the company signed a memorandum of understanding with French automobile manufacturer Renault. They will form a joint venture company in South Korea to supply hydrogen fuel cell products to Asian markets. In January 2021, SK Group, a major South Korean company, announced to invest $1.5 billion in Plug Power for around 10% share. In February 2020, the company introduced 125 kW Progen fuel cell engines for class 6, 7 & 8 trucks and heavy duty off-road equipment. In February 2017, the company announced the first shipments of its ProGen fuel cell engines designed for electric delivery vehicles and the adoption of its GenDrive system by the USPS forklift fleet in Capitol Heights, Maryland. On December 29, 2004, the company settled the matter with the sum of $5 million paid by Plug Power company directors to plaintiffs. Securities Litigation, CV-00-5553 (ERK) (RML). By order dated October 30, 2000, the Eastern District of New York court consolidated the complaints into one action, entitled Plug Power Inc. The company was subject to a shareholder class action complaint for securities fraud following the IPO for allegedly misleading statements about their fuel cell technology capabilities and on its material sales and distribution relationship with General Electric. Plug Power was founded in 1997 as a joint venture between DTE Energy and Mechanical Technology Inc. GenDrive units occupy the same space designed for conventional batteries. It allows hydrogen-powered forklifts to run at a constant steady power compared to conventional batteries, which experience 'droop' in their output towards the end of a shift.

Plug Power's GenDrive system integrates fuel cells manufactured by both Plug Power and Ballard Power Systems and incorporates a hydrogen storage system that allows the system to 'recharge' in a matter of minutes as opposed to several hours for lead-acid batteries. The company is headquartered in Latham, New York, and has facilities in Spokane, Washington, and Rochester, New York. is an American company engaged in the development of hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity.

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