Good morning. Before we begin, I'd like to ask everyone to join me in turning off their cell phones. Will the annual meeting of shareholders of Plug Power please come to order. It's a pleasure to welcome you to the 2019 meeting. I'm George McNamee, Chairman of the company, and I'll act as Chairman of this meeting. I'd like to introduce Andy Marsh, our CEO, and my fellow Director. In addition to Andy and I, we're fortunate to have the services of some distinguished Directors. Gary K. Willis, Maureen Helmer, Andrew Snyder, Gregory Kenausis, and Gregory Graves, and Jonathan Silver. Just find my notes. Great. Okay. Jonathan Silver. Also serving as a Director, but unable to be with us today, is Johannes Minho Roth. The draft said "Mineur," it's plural. It's not plural in any language I know.
I'd also like to introduce our Executive Officers, Paul Middleton, our Chief Financial Officer, Gerard Conway, General Counsel, Keith Schmid, our Chief Operating Officer, Tim Cortes, Vice President of Hydrogen Energy, Dustin Skidmore, our Vice President of Engineering, Sanjay Shrestha, our Chief Strategy Officer, Teal Hoyos, our Director of Marketing, and Marty Hull, our Chief Accounting Officer. Only record holders of shares of Plug Power common stock and Series C redeemable convertible stock as of the close of business on March 22nd, 2019, and their duly appointed proxies may address the formal portion. All comments and questions from stockholders and proxies should be addressed to the Chair. We'll now proceed to the formal business of the meeting.
The Secretary has informed me that notice of the meeting was sent to all stockholders of record as of March 22nd, 2019 record date, and only stockholders of record on that date are entitled to vote at this meeting. A complete list of the shareholders of record as of March 22nd and certified by an officer of Broadridge will be available and open for examination by any stockholder during the meeting. The list is arranged in alphabetical order and lists each shareholder of record as of the close of business on March 22nd, their address, and the number of shares registered in their name. The list is located at the registration table and may be inspected by any stockholder. The company has designated Tom Todd to serve as the Independent Inspector of Elections. Immediately prior to calling this meeting to order, I confirmed the following with Mr. Todd.
As of the record date, there were 243 million shares of common stock and 2,620 shares of Series C redeemable preferred, convertible into 2,782,000 shares of common stock, outstanding and entitled to vote. 121,953,000 represent a quorum. Substantially in excess of that number are represented at this meeting, either in person or by proxy, and I therefore declare that a quorum is present. For simplicity, when I refer to shares of common stock, that includes the Series C redeemable preferred. There are four orders of business on the agenda. The first order of business is the election of three Class II Directors for a three-year term, such term to continue until the annual meeting of shareholders in 2022 and until each Director's successor is duly elected and qualified or until his earlier resignation.
As set forth in the proxy statement, the board of directors has nominated George McNamee, Johan Roth, and Gregory Kenausis as Class 2 directors of the board. The affirmative vote of a plurality of the votes cast at this meeting is required for the election of any director nominee. Each shareholder is entitled to vote for or withhold his or her vote from the nominee, and cumulative voting is, of course, not allowed. Second order of business is approval of an amendment and restatement of the company's second amended and restated 2011 stock option and incentive plan. Third order of business is the approval of an advisory resolution regarding the compensation of the company's named executive officers, as described in the proxy statement. The fourth order of business is ratification of KPMG LLP as the company's 2019 independent auditors.
The affirmative vote of a majority of shares of common stock present in person, by proxy, and entitled to vote on this proposal is . At this point, the agenda calls for a question and answer period, during which a shareholder may ask any questions that they have strictly concerning the four matters to be . Have a question, please raise your hand. Please identify yourself. Seeing no questions. Seeing that there is no further discussion on the matters to be voted on in this meeting, I now declare the polls open for a vote of the stockholders on the four proposals. We will assume that all stockholders who have signed and returned a proxy card, even though present, intend to vote their shares by proxy, who may, of course, vote . Will those shareholders or their proxies who wish to vote by ballot please raise their hands?
At this time, the Inspector of Elections will inspect the legal proxies and tally the results. We'll now announce the results of the four . I'm informed by the Inspector of Elections that a plurality of the votes cast at this meeting, either in person or by proxy, have been voted in favor of the election of George McNamee, Johan Minho Roth, and Gregory Kenausis as Class 2 directors. Accordingly, they are elected for a three-year term. Such term is to continue until the annual meeting of shareholders in 2022, and until each director's successor is duly elected, qualified, or until his or her earlier resignation.
I've been further informed by the Inspector of Elections that a majority of shares of common stock have been voted in favor of the amendment and restatement of the company's 2011 stock option and incentive plan, and in favor of the resolution regarding the compensation of the company's named executive officers, and the ratification of KPMG LLP as the company's 2019 independent auditors. Accordingly, each of these proposals is approved. There being no further business to come before this meeting, I hereby declare this meeting adjourned. Thank you all for your participation. I'd now like to ask my colleague and partner, Andy Marsh, to take the podium.
Thanks, George. Well, good morning, everyone, and thank you for showing up to the Plug Power Annual Meeting, both those who are here in person and those on the webinar today. Wrong one. I'd like to jump to the punchline to start in the first slide. We created the first market for hydrogen fuel cells. This isn't a statement that Plug Power believes. Yesterday, we had a leader in the industry from one of the largest industrial gas companies talk to our board, one of the items he brought up was we created a business in an industry where one didn't exist. We've done it with some of the premier customers in the world, Walmart, Amazon. We built them a system, not only just the fuel cells that power their electric engines, but also we built the hydrogen stations and provide the aftermarket service.
This is an incredibly difficult application. Quite honestly, much more difficult than the Class 4 to 8 trucks that we're looking to pursue in the very near-term future. These products run at -30 degrees C, instantaneously go out to 40 degrees C. We operate in an environment with no shock and vibration. We've been able to build a product line, build a business that we believe we can leverage into other applications sooner rather than later. We put a lot of money to build this business. We built a technology set, we built a product set, we built a customer base. And we're beginning to see the benefits of all that work and all that investment. Last year, we did over $185 million in gross billings. We achieved EBITDA break even for the first time in the fourth quarter. In 2019, we're going to continue to grow.
Business will achieve between $235 million-$245 million in revenue and be EBITDA break even. You step back and say, "What have we done to achieve these goals?" The numbers are staggering. We have more product in the field than anyone else. We've deployed and shipped over 25,000 products. Today, we've built 80 hydrogen stations and are the largest user of liquid hydrogen, not only in the U.S. but in the world, surpassing NASA last year. As I've spoken, I've been up here for about 2 minutes, we've done about 40 hydrogen fuelings, and overall, we've done over 19 billion fuelings in our lifetime. We are pioneering this industry. In material handling, it's a big opportunity in this niche market. We've been primarily North American focused, and we view that the annual servable market for this industry is over $4.5 billion.
We have a lot of activity going on in Europe today. I'm just going to talk about quickly the meeting I was in Europe with BMW at Leipzig, which was a public meeting about 3 weeks ago. At that meeting, this is a facility where they built the i3 and i8, the electric vehicle offering. The general manager of the facility said, "I wished I'd built fuel cells because I think fuel cell vehicles are superior." They also run Plug Power's forklift trucks in the facility. They had people from Porsche there, Daimler there, from Volkswagen there, they talked about the advantages of fuel cells operating their material handling equipment. I was sitting back astonished. I've never seen an event like this in the U.S. They had all their competitors there, they had all their suppliers there, they were saying fuel cells made a difference.
We see great opportunities for growth in Europe. I've talked about that we should see significant growth in the next 18 months, but it's certainly a main target of our business, as well as the whole global market of over $30 billion. I just want to go over to folks, what are the products today? I mentioned that we sell our products under GenDrive, and includes the fuel cell products that go into the forklift truck which is driven by electric motors. We provide the hydrogen, we built the hydrogen fuel cell system for generating, developing, and providing the hydrogen, as well as aftermarket service and a great deal of work within our business.
I've been told by some of our customers over and over again, when you look at the logistics industry, how we leverage the Internet of Things, how we manage automatic software downloads, how we leverage artificial intelligence is ahead of every logistics supplier they use. Our customers don't do this just because it's greener. They save money. It's the productivity savings, it's the elimination of battery room, it's the elimination of the operational space, which can either allow them to add more SKUs to offer their customers, as well as the possibility of reducing the number of distribution centers they have to build. We've done this, as you know, with prestigious customers around the world, household names, Walmart, Amazon, BMW, Volkswagen, Honda, General Motors, Kroger, IKEA.
This customer said, I think it says a great deal about this business and its opportunity just in this small niche, $30 billion market for material handling, that we've been able to prove that we can operate 24/7 a day, providing service and products that work as many hours in a year as a car will in its lifetime. It's really a differential advantage that Plug has. When you look at Walmart, we've been doing it a long time. We've done 38 sites with Walmart. Today, they have 8,000 of our products. A few years ago, they announced a press release that they were looking to do 40 more sites with us in the near term. Product performance, I am quite proud of.
Today, as it has been for months and months and months and months, these products have been up and working 99% of the time, much better than the forklift truck fleet that they power. Walmart does this for a simple reason. It saves them money. They move about 8% more goods in a day because they use Plug Power products instead of batteries. We engaged with Amazon in 2016. We've done over 20 sites with Amazon. They have over 4,000 units. Amazon's value proposition is a little bit different. Amazon is able to reduce the amount of forklift trucks they actually have to use in a facility. We're seeing numbers like 15%-20%. When you think about that productivity savings, it makes sense.
When you're dealing with Amazon, by moving goods faster, they're able to deliver to the house faster and help them meet their one-day goal delivering products to people. We see great opportunities with Walmart and Amazon in the logistics market well beyond our material handling. We're looking at items like, robots and delivery vans and a whole multitude of different applications, which I'll explain a little bit more in this presentation, why fuel cells make sense. Finally, to kind of wrap it up in material handling, it's really simple. Why do you do this? Today, you save money. When you look at that savings, and the savings are for large distribution centers can be well over $1 million a year. When you look at it, a lot has to do with labor savings. 79% of the savings come from labor.
About 11% comes from reducing their forklift truck fleet. Strong value proposition, depending upon how customers buy, they can have instantaneous payback or payback in two years. That's why this business has been successful. This $30 billion opportunity, about five, six years ago, the board and the management team sat back and decided, today, we can build a real viable market in material handling. We always viewed that as the beginning, that there was an opportunity well beyond that. That the work and the investments we've made in material handling to understand from a technology point of view how today we make our own membranes, we build our own stacks, we have products which have the highest power density in the industry. We've reduced our cost by over 70% during this journey, and we're on a 25% learning curve year to drive down costs.
Every time we double the number of products in the field, costs have come down 25%. We've operated, and this number is astonishing, over 200 billion hours. There's one thing when you have the technology and you're working in these very, very difficult applications. I think I've said those who've listened to previous talks, we've done this in an incredibly difficult environment. You would have told me six years ago, this journey of how tough this environment was, I would have sat back and probably rethought about what direction we took because it's really hard. Let me tell you today, it makes these other markets much easier. We've had experience with FedEx putting vans on the road. Products just run. They don't go through nearly the considerable environmental characteristics we have to live within a distribution center manufacturing facilities.
These other markets in transportation is where we're heading. We see that the potential long-term TAM for this entire business is over $300 billion. This, even though we've grown rapidly over the year, this is a considerable growth story, and the hydrogen industry is about to take off, and Plug has been the leader and the pioneer of developing it. When you think about transportation, I'm not going to make the argument why electric vehicles are better. I believe Elon Musk has actually done a really good job in convincing people they're more reliable, ultimately, they're lower cost, fewer parts, better for the environment. There's a place where fuel cell vehicles really make the most sense. I look at it as really simple.
If you are in life material handling, in the application which really uses the assets, think about delivery vans on the road 16, 18 hours a day. What advantages do fuel cells have? For certain payloads, for certain range and operations, you can put twice the number of goods in a Class 4 to 6 delivery van. This isn't data that I came up with. One of the largest automotive manufacturers in the world in trucks provided me this data, which allows them to move twice as many packages. Additionally, think about vehicles, you want them on the road all the time. When you think about fleet vehicles for commercial use, you have 10 times faster fueling, and you get twice the range. Really differential advantages of fuel cell powered electric vehicles for transportation versus batteries.
Additionally, when you start thinking about infrastructure and you start thinking about tethered fleets that come home, when you get past having 10 vehicles, commercial facilities, the infrastructure for fuel cells are competitive, and when you go past 10 units, more cost-effective than putting in battery charging. Let me take you to the future. I know in my lifetime, still I plan to live. That I'll be riding around in an automatic guided vehicle. I actually used one today with my car. It could drive me down almost without me touching it from Saratoga Springs to here on Route 87. When New York City, in the next 10 years, the taxis and the vehicles are all automatic guided vehicles without drivers, fuel cells for fleet vehicles are a far superior solution because you can better use the assets.
Just like Amazon in warehouses can eliminate forklift trucks, owners of the vehicles on the road will be able to eliminate a number of cars, and they'll be working all the time and be able to provide more goods than you can get in a battery electric vehicle. The future is coming, and Plug Power is part of that. Okay, Teal. I died here, Teal. If I go on and I take a step back, how are we going to do it? We've actually spent a good deal of time thinking about how we scale a product line so that we have a discreet competitive advantage, a distinct competitive advantage forever. We've looked at a wide variety of applications, from ground support equipment to forklift trucks, to delivery vans, to on-road vehicles.
That advantage takes a step back. It provides you more flexibility because you can do it less. You can drive the asset business along, still with a simplified infrastructure. That's how we're attacking. To do this right, we need technology. Last year, we purchased a company which was composed of General Motors engineers in Western New York, where General Motors dislocated those individuals, and they went and started a company. They developed a business to build MEAs. Like many folks we talk to, they want to work for Plug Power because we actually build products. Today, when we were doing our board meeting today, when we look at our MEA performance versus some competitor's performance, we were getting about 50% more life out of [our MEA].
If you think about that long term from a shareholder perspective, it means less warranty costs. From a customer perspective, it means I have less downtime of my equipment. It's a real distinct advantage. Plug Power, I think has been incredibly efficient in thinking about technologies to acquire and develop, which we can integrate into our product offering, which keeps us at a competitive advantage versus the competition. We're doing this work, we demonstrated this work with FedEx. Last week in, maybe two weeks ago in Washington, the DOE holds an annual and brings in many projects to talk. This project actually was the star of what they call the annual review.
FedEx Star came up and said, "We've never had a program that ran as smoothly and efficiently as this product." When you take a step back and think about what I said earlier about this application's much easier, I have to say it has required very little development effort using our ProGen engine. FedEx gets 40%-50% for range out. It's safe, and it really has led us, and I talked about on the earnings call yesterday, we'll be making a significant announcement this week in the on-road vehicle space. A lot of that has to do with success of this FedEx program, demonstrating to the world that Plug Power can offer a superior product versus our competition. These are big markets that are going to grow. We've been, I'll say, shy about promoting this business as possible. We wanted to make material handling right first.
We have. This year, I think fourth quarter of last year, demonstrated. Today, the TAM's nice, $30 billion. There's an opportunity, mid-term, to grow this business opportunity significantly. It's not just Plug Power or fuel cell here. Long-term, this is a large market opportunity for these customers, for our investors, that I think. We're at a point in transportation where the world's changing, Plug Power has the most experience than anyone else in the world and are well-positioned to take advantage of it because all the work, all the investment we've done over the past years. Let me bring you back to today. We're going to do $235 million-$245 million in gross bill this year. We'll be EBITDA break-even for the entire year.
In the medium term, in 2022, we will continue to grow this business and you'll start seeing the financial leverage as we ship more and deliver products and provide better service to the bottom line. By 2022, we expect revenues to be between $450 million-$550 million, at 18%-22% EBITDA. How should you manage and look at us? As you see us deploy more and more material handling equipment, and you see us announce deals for on-road vehicles during the year, you'll know we're on track. In conclusion, we have a badge of honor that no one can take away from us. We created the first market in fuel cell industry and material handling.
In this market, you'll see throughout the years, as you can see through the last slide, that there is continual opportunity to grow in this $30 billion niche opportunity, as well as opportunities to expand margins and ship more products. When I take a step back, though, the future's even more exciting. Leveraging our ProGen engine, leveraging all the investment, all the activities we've put into both technology, customer acquisition, building the business today. We see meaningful opportunities to leverage this work to build it bigger and bigger. We're just at the right place as the transportation industry starts then to move into electrification. Over the years, we've built the team. We'll add to the team in time, because as you get bigger, you need more and more talent. This team today is the team that brought us to $203 million this year.
It has the dreams, aspirations, and capabilities to continue to grow this business from here. I want to thank you for listening to the presentation today, and I'm opening the floor for questions. Yes, Michael. We have the webcast, Michael, so you have to talk. You're a shareholder, Michael? Michael, let me take a step back. Let me take a look. I'm going to give you an example why. Look, I'm a huge Musk fan, but he's not right about everything. I'll give you an example. In the Port of Long Beach, they have a garage which supports 50 Class 8 trucks. They have enough power that goes to that garage to support one Tesla Class 8 truck. I sat at a meeting listening to Daimler, BMW, GM, talk about the commercial vehicles on the road.
When you take a step back, listen to them, the issues with how you have the utilities bring all that power to facilities, they tell me it takes three years at a minimum. Even when you go to California, when they talk about the bus fleets, they realize they can't bring the power in to electrify buses efficiently. I would say that if you're driving less than 100 miles a day, and you can afford it, buy a Tesla, buy a battery electric vehicle. If you need range, no. There's a basic math-Michael, when it comes to cargo space in the commercial markets, it's not going to be addressed with batteries.
As I mentioned in my talk, one of the largest automotive companies in the world came to our facility and told us, "Here's the range, and you can put 2X the amount of packages on a truck using a fuel cell." Quite honestly, that's what they're seeing in China, who has more battery electric vehicles than anyone, and actually is beginning to turn back when it comes to commercial vehicles, and recognize that fuel cells are the answer. The reason I hate to agree with Michael, a lot has to do with Michael's state, because today, one country in Europe has over 135 stations already available for usage, covers the whole country. In Europe in general, building a hydrogen fuel station is much more significant next to the activity going on here in California.
When I talk about our large customers, we've been talking to them about, many times they say, and our customers actually, almost exclusively, we have actually a fuel station basically today that we've built into the hydrogen infrastructure. When we think about those relationships, it's how to use the present 80 infrastructures that Plug has built, which will be over 100 by year-end, and how to help use that to leverage and facilitate other markets. Michael. Okay. Look if you think about, Michael, the recent announcement I made about bringing Sanjay Shrestha on board. We, the board and the management team, recognized that we need to add a higher level of sophistication associated with financial investors and look at dynamic models that were successful in solar. Sanjay has over 15 years of experience building solar PPAs.
If you look at the goals I set for the board this year, had discussions, really simple. Meet our financial goals this year, make sure we have strong financing packages in place across the business to leverage and take advantage of all these growth opportunities. That's a business you can hit on one of the three areas that we spent a lot of time figuring out what to focus on. When we look at the logistic market, we recognize that there's going to be more automation in warehouses and in manufacturing facilities. Today, we probably power almost 2,000 automatic guided vehicles with many of our large customers. We do have a technology path that actually brings a power set. The level we're thinking about, John, is around one kilowatt.
That roadmap we're kind of refining as we talk to OEMs and potential customers for that offering. First, they did not say the downtime of the fuel cell. The issues actually all had to do with the supplier of the vehicle itself. As I mentioned in the earnings call yesterday, that FedEx is working with us to find another supplier. They highlighted, and let me be clear, they highlighted that that program, that project at Plug Power support performance better than they've ever seen any prototype. It was actually pretty brutal, that supplier. We actually bring it over from our facility. We have a truck that delivers the hydrogen. We do that about once a week. As you think about that, it's actually in line with a lot of how we think about using resources of hydrogen that have been developed centralized.
We actually do this with The Southern Company, where we use one of our customer sites to fill up trucks with hydrogen and bring them to the backup power sites. We're actually using the same model with the FedEx Express World Hub. When you think about expanding the product line, expanding the business, the more we can leverage the hydrogen assets and the investments that already do exist, the easier it is to grow and expand this business. The more hydrogen stations we have, the more interest we have. It helps you move into delivery vans. It helps you move into ground support equipment. It helps you move into smaller sites. We're seeing all that. Okay. It actually helped me accelerate my development, so I have lower costs and better performance. If you think about the value proposition, where we work best is in heavy asset utilization applications.
I think that to move deeper into retail, like a The Home Depot has about six forklift trucks. Unless as we work through how to bring down the cost of hydrogen infrastructure, and there is work going on there, but I think it's a while out. That's when the value proposition could make sense. It's not really the cost of the fuel cell. And you can actually see from a CapEx point of view that over long term, it's much lower cost because they have issues with not managing. You have 16-year-old youngsters not plugging in batteries, overcharging batteries. It's a pretty dirty process. Until we bring down the cost of delivering hydrogen to a site like that, and this hub and spoke model, which we do at Albany Airport, could be viable there. We still have to simplify the fuel infrastructure. I believe cars are further out application.
I think that the apps today were associated with vehicles and commercial fuel vehicles. We've been talking to people about potentially building stations. It's not core to our business model, but I know the cars are viewed as the exciting part of the market. Fuel cells, I think, are today because-- Why did we go into forklift trucks? Because we could see where we could add value. When we look at commercial vehicles from a forklifts capacity, we can envision where value is added to that. When you get to the point where it's more of a sharing on an [automatic buy car], that's when fuel cell cars can really take off. One more, Michael? I think a positive to make you better. I think a positive is the investments that the industrial gas companies have announced. You have to have the fuel.
There's one thing, building a station, there's another, having the fuel available. Over the past three months, Air Products, Air Liquide, Praxair, have announced a 50% increase in their hydrogen capacity. You're also beginning to see large oil companies and large utilities becoming excited about providing hydrogen. Shell has been increasingly aggressive about building stations and looking at models about how they can put hydrogen present stations. People like Engie, as they look to think about their electric, as they move towards clean energy, I know you're well aware of this, Mike, what do you do when you have too much wind, too much solar? Generating hydrogen is a high-value activity, distributing, and many of the utilities are looking at that business model for the future. The investments people like Air Liquide, Air Products, Shell are making are not long-term. It's the next two to three years.
I actually view it as a positive because, look, if there's a market with one doesn't drive that competitive aspect, doesn't really show shareholder view that it's exciting, then more and more people get patient fuel cell. We see that as a real positive. Quite honestly, we also have been doing this for 20 years. Learned a lot. Gone through 25,000 vehicles. We've gone through harsh operating conditions. We've figured out how to talk to you. We've had this incredible level. Quite honestly, people are going to have to spend a lot of money to catch up. We welcome to have people competing. First, as a New Yorker, write your state assembly or senator to allow hydrogen to go under the bridges and under tunnels in N.Y. It's actually delaying the deployments in N.Y., so I would ask you to do that.
I think that the reliability of the products we're reaching is item architecting. I've always taken a step back and not moved to the market until I could appropriately support. Probably why we haven't been as aggressive in New York. Now I feel we're ready. The products are really, really good, and I talk to customers like Walmart. I think that these other applications using scalable products like what we've done with ProGen, I think makes those other apps much more interesting to us for the future. Anything else today? I think I actually gave you those numbers. If you take a look back on the one slide, we said that 2022, the revenue would be between $450 million to $550 million and approximately 20% EBITDA. I want to thank everybody for the questions today, and I'll hang around a little if you have some more.
I really enjoyed the discussion. Thank you, everyone.