LATHAM, N.Y., Oct. 8, 2015 (GLOBE NEWSWIRE) -- Today, Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean, reliable energy solutions, joins the nation in celebrating National Hydrogen and Fuel Cell Day to raise awareness of commercially viable fuel cell and hydrogen technologies that allow businesses and consumers to increase productivity, improve operational efficiency, reduce greenhouse gas emissions, and increase America's energy security.
The United States Senate officially recognized October 8, 2015 as National Hydrogen and Fuel Cell Day when it passed S. RES 217. The passage of this resolution underscores the collective efforts and hard work of the entire industry, along with the leadership of the Senate Fuel Cell and Hydrogen Caucus. The 8th of October was chosen to observe National Hydrogen and Fuel Cell Day in recognition of the atomic weight of hydrogen (1.008).
Leaders in the industry, Plug Power provides customers in the material handling and stationary power markets with reliable, robust hydrogen fuel cell systems through GenKey. GenKey combines GenDrive or ReliOn fuel cells, GenFuel hydrogen storage and dispensing infrastructures, and GenCare aftermarket service, to enable easy adoption.
"Plug Power is proud to be one of the many organizations participating in National Hydrogen and Fuel Cell Day," said Andy Marsh, CEO of Plug Power. "Increasing numbers of distribution center and stationary power customers are choosing to implement our solutions because they make sense economically, operationally and sustainably. We are honored to be generating a positive impact in the industry."
Currently, Plug Power has more than 8,500 GenDrive fuel cells deployed at customer sites. Since the inception of GenKey in 2014, Plug Power has constructed more than 15 complete indoor and outdoor GenFuel infrastructures with customers like Walmart, P&G, Kroger and Newark Farmers Market. Plug Power's fuel cell units have accumulated more than 107 million hours of runtime and its GenFuel systems have dispensed more than 330 metric tons of hydrogen, equating to more than 3,000 fills per day.
"The future of hydrogen as a competitive energy source is now," said Morry Markowitz, President of the Fuel Cell and Hydrogen Energy Association (FCHEA). "The industry has grown tremendously as material handling deployments have taken off, stationary application opportunities continue to grow and fuel cell electric vehicles become available in the showroom. Today we are celebrating the contributions fuel cell and hydrogen energy technologies have made towards our nation's new energy future."
Plug Power values commercial traction with material handling and stationary power customers in North America, as they continue to deploy hydrogen and fuel cell systems that positively impact their businesses. But, don't take our word for it – view a compilation of Plug Power customer testimonials at https://youtu.be/Msa5kxfWdm8. For more information on National Hydrogen and Fuel Cell Day, and the participating organizations, please go to www.hydrogenfuelcellday.org.
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 over 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: Plug Power Media Contact Teal Vivacqua 518.738.0269 firstname.lastname@example.org
Source:Plug Power Inc.