LATHAM, N.Y., Sept. 10, 2015 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean, reliable energy solutions, has announced Prelodis as its recent European GenDrive customer. Plug Power has fully shipped and commissioned units for Prelodis to use at its new-construction (greenfield) logistics facility located in Saint Cry en Val, a community close to Orléans in north-central France. This center is operated by Prelocentre, a subsidiary of Prelodis, and runs three shifts of operation.
The GenDrive units at Prelocentre have been operational since August 31, 2015 in the 20,000 sq ft. retail food warehouse. Additionally, a 33,000 sq. ft. extension has been planned and offers an opportunity for onsite expansion of the GenDrive-powered lift truck fleet.
"The recently formed European division of Plug Power has already realized sales, and has shipped and commissioned product for commercial customers with real expansion opportunities," said Andy Marsh, CEO at Plug Power. "Just like in North America, these customers value productivity, efficiency and sustainability – all items our GenDrive value proposition brings to the table."
The sale of GenDrive fuel cells to Prelodis marks Plug Power's first greenfield project in Europe, where emission standards are critical. GenDrive is powered by hydrogen, generating only heat and water as byproducts. Even more so, Prelodis has built its new facility with no battery room, showing its deep commitment to hydrogen fuel cell power now and into the future.
As with the enormous value realized by Plug Power's current customer base, Prelodis will also experience increased productivity from its electric lift truck fleet. GenDrive enables the vehicles to maintain full power for a complete shift, and the need to change batteries is eliminated. The GenDrive units are refueled in just a few minutes, compared to the 15 minutes needed to change a battery.
"Prelodis selected Plug Power's GenDrive fuel cell solution for its greenfield site in France because the company appreciates the productivity-enhancing impact the solution can offer and they fully anticipate the quick and positive return on investment achieved through avoiding costs associated with batteries," continued Marsh. "Most importantly, Prelodis appreciates the sustainability advantages to be realized by using hydrogen-powered fuel cells in the facility's lift truck vehicles."
Plug Power currently offers a full suite of CE-certified GenDrive models that meet the specifications and qualifications of European lift trucks. The Plug Power European sales team is actively engaged with customers in areas with high labor costs.
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 8,500 GenDrive units deployed with material handling customers, GenDrive has been proven reliable with more than 107 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: Media and Investor Relations Contact: Teal Vivacqua Plug Power Inc. Phone: 518.738.0269
Source:Plug Power Inc.