LATHAM, N.Y., Nov. 4, 2014 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced it has signed a long-term hydrogen distribution agreement with Praxair, Inc. (NYSE:PX), one of the largest industrial gases companies in the world and North America's largest liquid hydrogen producer. The agreement pairs Plug Power's GenFuel hydrogen fueling infrastructure solution with Praxair's liquid hydrogen supply capability helping customers realize productivity and environmental benefits.
Plug Power will offer Praxair hydrogen to its customers throughout the United States who are using the company's GenKey hydrogen fuel cell solution. The GenKey solution consists of three separate elements: GenDrive fuel cell units, GenFuel hydrogen fuel and infrastructure, and GenCare maintenance service. Plug Power provides customers with full integration and deployment of the entire GenKey package to ensure a seamless transition to hydrogen fuel cell-based power for their material handling operations.
Praxair's hydrogen supply system provides a high-quality, reliable source of hydrogen for Plug Power customers. Praxair has been providing hydrogen fuel and related technical support to fuel cell developers for over a decade and maintains liquid hydrogen production capacity and distribution capabilities throughout North America. Praxair recently announced it was building a steam methane reformer to increase the supply of hydrogen for customers served from its liquid hydrogen plant in Niagara Falls, New York. When completed in 2015, Praxair's Niagara Falls liquid hydrogen production capacity will increase by 50 percent.
"Our agreement with Praxair will enable us to offer the most reliable and economical hydrogen solution to our customers," said Andy Marsh, chief executive officer, Plug Power Inc. "Plug Power's emergence in the fueling business will simplify the transition to hydrogen fuel cells for material-handling customers."
"Praxair is pleased to contribute to the expansion of fuel cell applications. Plug Power's GenKey solution and our hydrogen supply can provide customers with productivity benefits and help them reduce their environmental impact," said Todd Lawson, vice president of sales and business management for Praxair's U.S. industrial gases business. "This is another example of how Praxair enables companies to operate in a more sustainable and cost-effective manner."
Plug Power launched its GenFuel business in January 2014 as part of the GenKey solution. GenFuel provides customers with an all-inclusive hydrogen fueling solution. GenFuel services include molecule delivery in addition to project management, infrastructure support and operator training.
About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power is revolutionizing the industry with cost-effective power solutions that increase productivity, lower operating costs and reduce carbon footprints. Long-standing relationships with industry leaders, including Walmart, Sysco, Procter & Gamble, and Mercedes Benz, forged the path for Plug Power's innovative GenKey hydrogen and fuel cell system solutions. With more than 6,000 GenDrive units shipped to material handling customers, accumulating over 20 million hours of runtime, Plug Power manufactures tomorrow's incumbent power solutions today. Additional information about Plug Power is available 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 forecast of financial performance, order bookings, business model, strategy and growth opportunities. 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 at, 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 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 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. For additional disclosure regarding these and other risks faced by PLUG, see disclosures contained in PLUG's public filings with the Securities and Exchange Commission (the "SEC") including, the "Risk Factors" section of PLUG's Annual Report on Form 10-K for the year ended December 31, 2013. 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.
CONTACT: Plug Power Media Contact Teal Vivacqua 518.738.0269 firstname.lastname@example.org
Source:Plug Power Inc.