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.
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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.