LATHAM, N.Y., May 31, 2016 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy solutions that change the way the world moves, announced today it will bring its productivity-enhancing GenKey hydrogen and fuel cell solution to CeMAT, which takes place in Hannover, Germany, from May 31 to June 3, 2016.
The company opens today’s exhibit in hall 26, stand C19/1, displaying a GenDrive fuel cell and GenFuel hydrogen fuel dispenser. Plug Power will also be part of the Toyota Material Handling booth (hall P32, stand B/1130) where a GenDrive fuel cell will be presented with a Toyota Traigo 48 counterbalance truck. Plug Power’s GenKey solution is a great fit for CeMAT, a conference that embraces every area of intralogistics – including innovative, energy-saving forklift vehicles and industrial trucks.
The demand for GenKey hydrogen and fuel cell solutions in Europe is growing as the market for clean fuel for forklift trucks expands. The GenKey package, remaining similar to that sold in North America, is comprised of GenDrive fuel cells, GenFuel hydrogen infrastructure and fuel and GenCare customer support. GenKey enables a significant boost in warehouse driver productivity as well as the ability to convert hundreds of square feet of space dedicated to battery maintenance and storage back to usable warehouse space.
"The market for hydrogen is growing in many European countries and it is important that material handling executives understand the wide range of hydrogen and fuel cell products commercially available for purchase today,” said Andy Marsh, CEO of Plug Power. “The CeMAT show gives us a great opportunity to let logistics experts see the solution up close and understand how it will make an impact in their operations.”
In 2015, the company announced customer wins with Prelocentre in France and grocery distribution leader Colruyt in Belgium. Not only is Colruyt one of the first fuel cell customers in Europe, but it also is home to Plug Power’s first European GenFuel dispenser. The success of these early adopters has also increased attention of other material handling professionals throughout Europe. Today, Plug Power has 10,000 GenDrive units deployed worldwide, 139 units deployed specifically in Europe.
About Plug Power Inc.
The architects of modern hydrogen and fuel cell technology, Plug Power has revolutionized the industry with its simple GenKey solution, elements of which are designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. Plug Power’s GenKey solution couples together all the necessary elements to power, fuel and service a customer. Plug Power is the partner that customers trust to take their businesses into the future. For more information about Plug Power, visit www.plugpower.com.
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 2016 objectives, including goals relating to revenue, sales, booking, gross and GenFuel installations, and the GenFund Power-Purchase Agreement program. 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, GenSure 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, GenSure 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, 2015. 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.
Media and Investor Relations Contact: Teal Vivacqua Plug Power Inc. Phone: 518.738.0269
Source:Plug Power, Inc.