https://www.timesunion.com/business/article/Plug-Power-gives-award-to-Sen-Schumer-for-tax-12990277.php
Schumer's efforts on fuel cell tax credit key for Plug Power
Published 8:00 am, Wednesday, June 13, 2018
Colonie
Plug Power CEO Andy Marsh says that the Latham fuel cell maker - and the fuel cell industry overall - is on much better footing now because of U.S. Sen. Chuck Schumer.
That's because earlier this year, Schumer helped push through the reinstatement of the federal investment tax credit that provides a 30 percent tax credit on purchases of hydrogen fuel cells like the ones that Plug Power sells.
Marsh was attending the 2018 National Fuel Cell and Hydrogen Forum in Washington, D.C. Tuesday, and he singled out Schumer and presented the senator with a special award recognizing his efforts to get the tax credit reinstated through 2022.
"We're proud to recognize Sen. Schumer for his dedication towards reinstating the investment tax credit," Marsh said in a statement. "Due to his exceptional efforts, the acceleration of hydrogen fuel cell adoption will continue to grow in New York state, the United States and beyond, providing a cleaner, more sustainable path for the future of mobility."
The extension of the tax credit was included in the federal budget deal passed earlier in the year.
Plug Power makes fuel cells that run on hydrogen that are used in fork lift trucks and other vehicles. The fuel cells are used in place of batteries in most cases and could be used in tandem with electric cars in the future.
Companies like Amazon, Walmart and others that have large warehouses have been moving to fuel cells in the lift trucks and have also invested in Plug Power to move the technology along and drive down the costs.
Without the tax credit, Plug Power was without a powerful sales tool it has had in the past to get companies to start adopting fuel cells in the warehouses and distribution centers. Plug Power says its fuel cells can be refueled much more quickly than it takes to change out fork lift batteries that must be changed throughout a typical day.
The Department of Energy estimates that fuel cells are actually cheaper to use in forklifts than batteries. The annual cost of ownership of a fuel cell powered fork lift is $17,800 compared to $19,700 for a battery powered fork lift.
The difference is mainly due to lower labor costs from changing out batteries versus refueling a fuel cell with hydrogen.
But the tax credit is another reason for companies to try the new technology.
Marsh was also named chairman of the Fuel Cell and Hydrogen Energy Association during Tuesday's event.
Schumer visited Plug Power's Latham headquarters in 2016, and he and U.S. Rep. Paul Tonko have been very supportive of the company, which has yet to become profitable as it grows rapidly and invests in new markets and ventures.
