Fuel cell maker Plug Power has signed a deal with M&T bank which should help it get forklift trucks powered by its fuel cells into more warehouses and distribution centers.
In the way that Solar City's solar leases and cell phone companies' low down payments have facilitated growth of these industries, the financing model Plug Power is pursuing requires a company to just say yes to a prepackaged package including financing, fuel cell trucks and ongoing maintenance. Plug Power was a pioneer in the fuel cell space with the patents to prove it and now appears to be on the way to making a business out of it. Plug Power has also been cited as being a potential partner for solar companies in solving the problem of the sun not shining at night. Also, in NY Fuel Cell news, GE is building a fuel cell plant in Saratoga NY which appears to be directed toward grid storage.