LATHAM, N.Y., June 2, 2015 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions announces an expansion contract with Walmart Canada to provide 124 GenDrive fuel cells for its new High Velocity Distribution Center building in Balzac, Alberta, Canada. This expansion adds on to the fleet in operation since 2010 and brings the GenDrive total upwards of 230 units at the site.
GenDrive hydrogen fuel cells are preferred over lead-acid batteries as they allow customers to see increased productivity from their lift truck fleets. Hydrogen fuel cells provide constant and consistent power to lift trucks, eliminating the need to change and charge batteries. Additionally, as an environmentally friendly power source, hydrogen fuel cells product only heat and water as byproducts, helping users meet important sustainability targets.
Walmart Canada will also receive a GenFuel infrastructure to support the Balzac distribution center. Plug Power's proprietary GenFuel system provides advanced diagnostics to help customers monitor fleet fueling and operational metrics. This GenFuel system will support two buildings – the new High Velocity Distribution Center and the existing Perishable Distribution Center. Plug Power highlights that this is the first GenFuel installation in Canada.
"Plug Power values Walmart Canada as a client and strives to help them further their productivity improvements through the use of our hydrogen and fuel cell products," said Andy Marsh, CEO at Plug Power. "This expansion project illuminates the success seen to date – success Plug Power intends to continue through our work with this important customer."
Plug Power has an extensive tenure with Walmart. In the United States, Plug Power has deployed more than 1,800 GenDrive units since the relationship began in 2007. By the end of the second quarter, Walmart will be using Plug Power hydrogen fuel cells in eight distribution centers, all of which are utilizing Plug Power's GenFuel system. Additionally, Plug Power has supported Walmart Canada with hydrogen fuel cells since 2010.
Join the Plug POWERTrip
Today, Plug Power will host guests at the Chicago Museum of Science and Industry for presentations delivered by CEO Andy Marsh and Vice President of Global Sales Jose Luis Crespo. Marsh and Crespo will discuss Plug Power's 2015 sales booking and revenue targets, and the strategy to meet these goals both domestically and internationally.
|Date: Tuesday, June 2, 2015|
|Time: 10:00 am CT|
|Location: Chicago Museum of Science and Industry – 5700 S. Lake Shore Drive, Chicago, IL|
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 firstname.lastname@example.org
Source:Plug Power Inc.