LATHAM, N.Y., Dec. 17, 2015 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean, reliable energy products, announced that it has been named to the 2015 Food Logistics FL100+ list. Food Logistics is the only publication dedicated exclusively to the global food and beverage supply chain. The publication’s twelfth annual FL100+ list profiles innovative technology and software providers who influence the global food and beverage supply chains.
Plug Power’s notable solution, GenKey, is revolutionizing the hydrogen and fuel cell market for material handling applications. GenKey helps food and beverage companies smoothly transition their material handling vehicles over to hydrogen fuel, with Plug Power serving as the single-source vendor providing:
- GenDrive fuel cell units
- GenFuel hydrogen and fueling infrastructure
- GenCare service and aftermarket support
GenKey was launched in January 2014, and has seen tremendous continued adoption in 2015 with new food and beverage customers including Dietz and Watson and FreezPak, and repeat orders from customers including Newark Farmers Market and Kroger.
Plug Power can attribute the expansion of its serviceable market to improvements made within the GenFuel product suite. Previously, Plug Power customers typically saw positive economic value with large-scale lift truck fleets, upwards of 50 trucks. Additionally, Plug Power’s innovative GenCare service now allows for remote monitoring of GenDrive and GenFuel systems, enabling real time data processing. As a result, Plug Power customer lift truck fleet performance continues to improve, now averaging out at 98% uptime.
Now, due to technology improvements and streamlined supply chain management within the GenDrive, GenFuel and GenCare product lines, Plug Power customers with as few as 20 lift and reach trucks are able to achieve positive payback.
”Plug Power has only seen continued growth in 2015 as the productivity benefits and cost-effectiveness of our solutions are proven in North America and Europe,” said Andy Marsh, CEO at Plug Power. “Plug Power is honored to be recognized for inclusion on the FL100+ list again in 2015, and we congratulate others that have been named as well.”
“Developments in the software and technology sector are generating new opportunities for growers, food manufacturers, grocery retailers and the many logistics providers that support them,” notes Lara L. Sowinski, editor-in-chief at Food Logistics. “Moreover, cloud-based solutions and mobile connectivity are helping create tools that are more flexible, affordable and responsive, making software and technology even more valuable to those in the global food supply chain.”
Plug Power joins other companies who earned a spot on the FL100+ list, which is featured in the November/December 2015 issue of Food Logistics, and is online at www.foodlogistics.com.
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 9,000 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.
About Food Logistics
Food Logistics is published by AC Business Media Inc., a business-to-business media company that provides targeted content and comprehensive, integrated advertising and promotion opportunities for some of the world’s most recognized B2B brands. Its diverse portfolio serves the construction, logistics and supply chain and other industries with print, digital and custom products, Webinars, events and social media.
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.
Source:Plug Power, Inc.