LATHAM, N.Y., July 12, 2016 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy solutions that change the way the world moves, has received a new purchase order from FM Logistic for use of Plug Power’s GenDrive product in its 90,000 square meter logistics facility in Neuville-aux-Bois, France. Plug Power’s world-class GenDrive fuel cell units will be deployed in FM Logistic’s Toyota Material Handling and Crown pallet jacks and reach trucks.
FM Logistic is a family-run business started in 1967 and is one of the leading logistics providers in the European market. Today’s logistics leaders continuously demand high-quality solutions to become more competitive and to continuously improve its processes and resources to meet and exceed customer’s needs.
Plug Power’s GenDrive fuel cell solution displaces lead-acid batteries in electric lift trucks and enables customers to increase the productivity of its operations, while reducing operational costs. Plug Power has a suite of CE-certified units available for European material handling customers, including units to support pallet, reach, counterbalance trucks, and tow tractors, enabling a full-fleet conversion. Important to FM Logistic, the GenDrive fuel cell solution produces no harmful emissions and eliminates the costs associated with handling and storing toxic materials. Plug Power’s European GenCare team will support the GenDrive-fleet.
“Plug Power continues to add new customer names to our resume and we look forward to helping FM Logistic continue to grow its business through the use of GenDrive fuel cells,” said Andy Marsh, CEO of Plug Power. “Our expanded partnership with FM Logistics further strengthens our value proposition that GenDrive applies not just for our core large distribution center markets, but also in extending to smaller-size distribution centers and to the European logistics operations.”
FM Logistic is an international logistics provider operating in 13 countries including Russia, Brazil, China and India with approximately 60 percent of its revenues coming from other countries than France.
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.
About FM Logistic Group
Since its creation in 1967, FM Logistic has become one of the international leaders in the fields of warehousing, transport and packing. As an independent Group, it is recognised as being expert in the consumer goods, distribution, perfume/cosmetics, manufacturing and health markets. FM Logistic is present in Asia, Eastern Europe, Central Europe, Western Europe and Latin America with 20 000 staff members and over a billion euros in revenue.
As well as internationalisation, FM Logistic’s development is built on a strong policy of innovation and respect for the environment. The Group pioneered the “pooling” concept (shared transport and logistic resources), for which they received numerous professional distinctions. As an eco-responsible company, FM Logistic became a member of Green Freight Europe in 2014. The aim of this programme is to improve the ecological performance of goods transportation in Europe. In 2015, the Group created CityLogin, the green solution to logistic requirements for the last mile of delivery in major European cities.
Further information: www.fmlogistic.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 margin and GenKey and GenFuel installations 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, 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, 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.