LATHAM, N.Y., June 06, 2016 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy solutions that change the way the world moves, announced today that it will participate in a tour of Europe’s first warehouse with a fleet of forklift trucks 100 percent powered by Plug Power’s GenDrive hydrogen fuel cells. The Prelocentre site is the first logistics center in Europe deploying only fuel cell-powered material handling vehicles. It will operate 40 trucks by the end of 2016 and 60 in 2017.
The tour, which is being organized by HyLIFT-EUROPE, in cooperation with Prelocentre and Air Liquide, is designed to let members of the logistics industry and local officials see the productivity and sustainability impact that hydrogen-powered fuel cells have on a distribution center. It will take place on June 7, 2016, at the Prelocentre distribution center in Saint-Cyr-en-Val, France.
The event will feature a site tour focused on the GenDrive fuel cell-powered fleet being refueled by an indoor hydrogen dispensing system. Plug Power’s GenDrive fuel cells are a drop-in replacement for lead-acid batteries in electric material handling vehicles. Fleet productivity is positively impacted as GenDrive fuel cells provide continuous power to the truck at all times, even in freezer environments as low as negative 30 degrees Celsius (negative 22 degrees Fahrenheit). Battery degradation and untimely trips to the battery room are completely eliminated.
Attendees will hear remarks from Prelocentre Director, Philippe Giroux and General Manager for Hypulsion-Plug Power Europe, Jose Luis Crespo. Additionally, statements will be made by local authorities and executives from the Fuel Cell and Hydrogen Joint Undertaking (FCHJU), Air Liquide and Colruyt, a grocery store chain that has also invested in Plug Power’s GenDrive hydrogen fuel cell solution for its European distribution center.
“This event marks an important milestone for hydrogen fuel cells and sustainable facilities in Europe and it’s validating to see our GenDrive units powering the entire fleet,” said Andy Marsh, CEO of Plug Power. “This successful implementation at the Prelocentre site will inspire other companies in the region to recognize the financial and environmental advantages of hydrogen fuel cells and help Plug Power to further expand its presence in Europe.”
HyLIFT-EUROPE and HyLIFT-DEMO are projects undertaken by HyLIFT and co-financed by FCHJU. The two organizations have supported the development and demonstration of European-manufactured fuel-cell powered material handling vehicles and hydrogen recharging infrastructure since 2009.
For more information on Plug Power’s GenDrive fuel cells, visit http://www.plugpower.com/products/gendrive/.
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.
Plug Power Media Contact Teal Vivacqua 518.738.0269 firstname.lastname@example.org
Source:Plug Power, Inc.