PLUG POWER INC.
LATHAM, N.Y., April 03, 2018 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy solutions that change the way the world moves, is pleased to announce the launch of its new GenDrive 2440-36R fuel cell system for Class-2 electric forklifts. This new GenDrive model stores more fuel on-board than earlier models, increasing run-time by 56% and reducing a customer’s overall fueling time by more than 30 percent. The first customer orders for these GenDrive units are scheduled to ship at the beginning of the third quarter of 2018.
GenDrive fuel cells provide a more efficient value proposition for electric lift trucks than batteries which need to be replaced and recharged throughout the day. This new GenDrive Class-2 model continues to expand the value proposition by storing more energy on-board than traditional lead acid battery solutions for Class 2 vehicles, eliminating battery changing, and having an average refueling time of less than 3 minutes. .
The expansion of Class-2 runtime is a significant value adder for grocery and retail customers. In a three-shift facility, instead of refueling each shift, lift trucks using the GenDrive 2440-36R eliminate a complete fueling cycle, and now fuel only twice a day. For a typical customer with more than 90 Class 2 vehicles, this translates to a projected productivity savings in excess of $400K over 5 years.
Design collaboration with North American lift truck OEMs has enabled Plug Power to increase the system’s hydrogen tank size to extend system runtime. A portion of the ballast weight used for truck counterbalance has been transferred to the lift truck via truck design modifications. This allows more space to devote to hydrogen fuel storage in the GenDrive design.
“The electric lift truck market is truly reacting to the impact that hydrogen and fuel cells are having on the longterm material handling solutions for their customers,” said Andy Marsh, CEO for Plug Power. “We see this innovation as a significant sign of further market adoption.”
Plug Power is driving the electrification of mobility today, with over 20,000 deployed fuel cells and more than 150 million run hours in mobility applications. To date, the company has completed more than 60 of its GenFuel line of scalable hydrogen fueling stations, each with 4 to 6 hydrogen dispensers. GenFuel customers have performed 11 million hydrogen fills of electric vehicles, dispensing over 6.7 million kilograms of hydrogen.
About Plug Power Inc.
The architect of modern hydrogen and fuel cell technology, Plug Power is the innovator that has taken hydrogen and fuel cell technology from concept to commercialization. Plug Power has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. The Company’s GenKey solution couples together all the necessary elements to power, fuel and serve a customer. With proven hydrogen and fuel cell products, Plug Power replaces lead acid batteries to power electric industrial vehicles, such as the lift trucks customers use in their distribution centers.
Extending its reach into the on-road electric vehicle market, Plug Power’s ProGen platform of modular fuel cell engines empowers OEMs and system integrators to rapidly adopt hydrogen fuel cell technology. ProGen engines are proven today, with thousands in service, supporting some of the most rugged operations in the world. Plug Power is the partner that customers trust to take their businesses into the future. Learn more at www.plugpower.com.
Safe Harbor Statement
This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power Inc. ("PLUG"), including but not limited to statements about PLUG's expectations regarding growth in Europe, revenue, growth with GenKey customers and its project financing platform. You are cautioned that such statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will have been achieved. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. In particular, the risks and uncertainties include, among other things, the risk that we continue to incur losses and might never achieve or maintain profitability; the risk that we will need to raise additional capital to fund our operations and such capital may not be available to us; the risk that our lack of extensive experience in manufacturing and marketing products may impact our ability to manufacture and market products on a profitable and large-scale commercial basis; the risk that unit orders will not ship, be installed and/or converted to revenue, in whole or in part; the risk that pending orders may not convert to purchase orders, in whole or in part; the risk that a loss of one or more of our major customers could result in a material adverse effect on our financial condition; the risk that a sale of a significant number of shares of stock could depress the market price of our common stock; the risk that negative publicity related to our business or stock could result in a negative impact on our stock value and profitability; the risk of potential losses related to any product liability claims or contract disputes; the risk of loss related to an inability to maintain an effective system of internal controls or key personnel; the risks related to use of flammable fuels in our products; the cost and timing of developing, marketing and selling our products and our ability to raise the necessary capital to fund such costs; the ability to achieve the forecasted gross margin on the sale of our products; the risk that our actual net cash used for operating expenses may exceed the projected net cash for operating expenses; the cost and availability of fuel and fueling infrastructures for our products; market acceptance of our products, including GenDrive, GenSure and GenKey systems; the volatility of our stock price; our ability to establish and maintain relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; the cost and availability of components and parts for our products; our ability to develop commercially viable products; our ability to reduce product and manufacturing costs; our ability to successfully expand our product lines; our ability to successfully expand internationally; our ability to improve system reliability for our GenDrive, GenSure and GenKey systems; competitive factors, such as price competition and competition from other traditional and alternative energy companies; our ability to protect our intellectual property; the cost of complying with current and future federal, state and international governmental regulations; risks associated with potential future acquisitions; and other risks and uncertainties referenced in our public filings with the Securities and Exchange Commission (the “SEC”). For additional disclosure regarding these and other risks faced by PLUG, see disclosures contained in PLUG's public filings with the SEC including, the "Risk Factors" section of PLUG's Annual Report on Form 10-K for the year ended December 31, 2017. You should consider these factors in evaluating the forward-looking statements included in this presentation and not place undue reliance on such statements. The forward-looking statements are made as of the date hereof, and PLUG undertakes no obligation to update such statements as a result of new information.
Media Contact
Teal Vivacqua
media@plugpower.com
SOURCE: PLUG POWER
