LATHAM, N.Y., Nov. 11, 2014 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy products, has restructured its brands, presenting the ReliOn division, a Plug Power company, under the larger powerhouse umbrella of Plug Power Inc. Plug Power acquired the Spokane, WA, corporation in April 2014, adding a talented employee base, valuable fuel cell stack technology and a stationary power fuel cell product offering to its portfolio.
"Pulling the two groups together is a natural evolution for Plug Power as we grow and scale our business," said Andy Marsh, CEO at Plug Power Inc. "We've operated as one company since April, and now it's time we all share the same identity as Plug Power."
With this realignment, the ReliOn name will represent the product brand of Plug Power's stationary power product line. Plug Power's ReliOn fuel cell product is designed for the backup and grid-support power requirements of the telecommunications, transportation, utility and government sectors. For applications from under 50W to 20kW, Plug Power's ReliOn solution replaces the majority of backup batteries and mitigates the need for backup generators.
The ReliOn system is currently sold to customers in the United States, Europe, South America, Australia, Africa and Asia. Sales of the Plug Power ReliOn product will remain out of the Spokane, WA, office and will continue internationally.
GenKey Now Available for Stationary Fuel Cell Market
With the addition of the ReliOn product, the company can bring its turnkey GenKey solution to customers in the stationary fuel cell market, serving telecommunications, grid support, utility and government applications. GenKey combines the ReliOn fuel cells with GenFuel fueling and infrastructure and GenCare ongoing customer support. The availability of GenKey removes the significant hurdle of extensive project management of multiple vendors to adopt hydrogen fuel in these markets.
The GenKey model was successfully launched by Plug Power to material handling customers in January 2014 with GenDrive, a fuel cell system used to power electric lift trucks, as the power solution. Plug Power currently has 11 GenKey site contracts with material handling customers, and expects to see similar adoption from stationary power customers with the ReliOn combination.
About Plug Power Inc.
The powerhouse in hydrogen fuel cell technology, Plug Power is revolutionizing the industry with cost-effective solutions that increase productivity, lower operating costs and reduce carbon footprint. Its signature solution, GenKey, provides an all-inclusive package for customers, incorporating GenFuel hydrogen and fueling infrastructure, GenCare aftermarket service and either GenDrive or ReliOn fuel cell systems. GenDrive, a lead-acid battery replacement, is used in electric lift trucks in high-throughput material handling applications. With more than 6,000 GenDrive units deployed to material handling customers, GenDrive has been proven reliable with over 25 million hours of runtime. And, ReliOn is Plug Power's modular, scalable fuel cell for customers seeking solutions in critical stationary power applications. Plug Power ReliOn customers have installed fuel cells at more than 2,000 customer locations globally. Plug Power manufactures tomorrow's incumbent power solutions today, so customers can POWERAhead. Additional information about the Plug Power brands 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 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 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.
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Source:Plug Power Inc.