LATHAM, N.Y., May 21, 2015 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions today announced Uline, Inc., as a new GenKey customer. Uline, a family-owned business, is the leading distributor of shipping, industrial and packaging materials to businesses throughout North America, offering more than 30,000 products. Given their business strategy of same day turn-around, productivity and predictability are important to Uline and are key benefits that the proven GenKey solution delivers.
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The initial deployment of GenDrive units will be powering the forklift fleet at one of Uline's distribution centers in Pleasant Prairie, WI. Additionally, Uline will deploy a second fleet of GenDrive-powered lift trucks into a newly constructed facility in the coming months. Uline distributes from twelve branches located across the US, Canada and Mexico.
Uline will operate more than 130 GenDrive units between the two facilities. Additionally, Plug Power will expand the existing GenFuel liquid system used for the currently operational pilot in Pleasant Prairie into a full liquid system including eight dispensers.
This infrastructure leverages Plug Power's new GenFuel construction process where a significant portion of the hydrogen infrastructure is built onsite at Plug Power's facility and shipped to the site for installation. By building the equipment in-house, Plug Power can deliver these systems more cost effectively with industry leading lead times.
Uline will realize efficiency and environmental benefits by implementing a hydrogen and fuel cell solution. The new system will require a fraction of the floor space of a traditional battery handling system and hydrogen fuel cells emit only heat and water as emissions.
"I'm excited to announce Uline as a new Plug Power GenKey customer," said Andy Marsh, CEO at Plug Power. "Plug Power's solutions deliver upon the promise of increased productivity, an attribute strongly valued by industry leaders like Uline. We look forward to helping them grow and expand their business."
Join the Plug POWERTrip and 2015 Annual Meeting
Today, Plug Power will host guests at the InterContinental New York Times Square for its annual shareholder meeting and second stop on the Plug POWERTrip, including presentations delivered by CEO Andy Marsh and CFO Paul Middleton. Marsh and Middleton will discuss Plug Power's financial strategy to grow the business by 50% in 2015 into a $500M business in three to five years.
Date: Thursday, May 21, 2015
Time: 10:00 am ET
Location: InterContinental New York Times Square, Washington Square Park Room – 300 W 44th Street, New York, NY
In conjunction with the meeting, the Company will host a live webcast of the audio and presentation slides. The webcast can be joined by going directly to the Plug Power website and selecting the meeting link on the home page, or directly at http://www.plugpowertrip.com. The webcast will be available online for a period of time following the meeting.
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 6,500 GenDrive units deployed with material handling customers, GenDrive has been proven reliable with over 100 million hours of runtime. 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.
Plug Power Inc. 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, ReliOn 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, ReliOn 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, 2014. 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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CONTACT: Plug Power Media Contact Teal Vivacqua 518.738.0269 firstname.lastname@example.org
Source:Plug Power Inc.