LATHAM, N.Y., May 29, 2015 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions announces Dietz & Watson, Inc. as a new Plug Power GenKey customer. Dietz & Watson will deploy GenDrive fuel cells in its entire fleet of class-2 and class-3 lift trucks for its new warehouse building under a full GenKey agreement.
Dietz & Watson, a family owned business for more than 75 years, is one of the largest manufacturers and distributors of premium deli meats, artisan cheeses, and related products in North America. In their newly constructed facility in Philadelphia, PA, Dietz & Watson will be using the GenDrive, GenFuel and GenCare solutions provided through GenKey. The 200,000-square-foot warehouse and distribution center is located on 20 acres next to the company's Philadelphia, Pennsylvania headquarters and manufacturing plant. This new facility will distribute Dietz & Watson products to supermarket retailers, food service suppliers, and medium and small delicatessens throughout the United States.
"After an extensive analysis of our options to operate our lift truck fleet in the most efficient manner, Plug Power offered a cost effective solution with significant potential labor savings. We are pleased to join other food industry distribution leaders such as Walmart and Wegmans Food Markets in implementing this solution," said John Tsigounis, Vice President of Logistics for Dietz & Watson.
Plug Power's GenDrive customers continuously tout the increased productivity achieved by their lift truck fleets, as the GenDrive fuel cells operate at maximum performance for an entire shift. When fuel cell units needs to be refueled, lift truck operators can perform this task in as little as 60 seconds. Additionally, fuel cells help customers better utilize facility space and reduce operational costs. The replacement of lead-acid batteries with hydrogen-powered fuel cells eliminates the need for large battery storage and charging rooms. This space is better allocated to productive business activities.
Previously, Plug Power customers typically saw positive economic value with large-scale lift truck fleets, upwards of 50 trucks. Now, however, due to technology improvements and streamlined supply chain management within the GenDrive and GenFuel product lines, Plug Power customers with as few as 20 lift and reach trucks are able to achieve positive payback.
"Dietz & Watson joins other customers like FreezPak and Uline as a new Plug Power clients." said Andy Marsh, CEO at Plug Power. "Plug Power's investment in the GenFuel business is showing great progress in the material handling market, and we're now able to provide economically viable solutions to a diverse customer-base in the material handling market."
Join the Plug POWERTrip
Today, Plug Power will host guests at the Ritz Carlton Dallas for presentations delivered by CEO Andy Marsh and Vice President of Hydrogen Tim Cortes. Marsh and Cortes will discuss Plug Power's hydrogen strategy and its impact on securing new customers and enhancing relationships with current customers.
Date: Friday, May 29, 2015
Time: 11:00 am ET / 10:00 am CT
Location: Ritz Carlton Dallas – 2121 McKinney Ave., Dallas, TX
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.
CONTACT: Plug Power Media Contact Teal Vivacqua 518.738.0269 email@example.com
Source:Plug Power Inc.