Plug Power Announces Strategic Arrangement With Somerset Capital Group
09 Novembre 2010 - 2:59PM
Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy solutions, today announced that it has developed a
strategic arrangement with Somerset Capital Group, Ltd., Milford,
CT ("Somerset") in which Somerset will act as Plug Power's global
customer lease provider for its industry-leading GenDriveTM fuel
cell solutions. Plug Power's GenDriveTM systems are a superior
solution to lead-acid batteries in electric lift trucks in the
$19.9 billion material handling industry.
Plug Power and Somerset have already executed on marketplace
opportunities for Plug Power's clients, most recently facilitating
the placement of hydrogen fuel cells into service at BMW's South
Carolina facility. The companies hope to leverage Somerset's asset
management and international equipment leasing capabilities to
drive further market penetration for Plug Power's state-of-the-art
clean energy solutions.
"Plug Power continues to address all aspects of establishing a
commercial and profitable business," said Gerry Anderson, CFO at
Plug Power. "Working closely with a credible leasing partner such
as Somerset allows Plug Power to focus on executing sales and
delivering product."
Somerset's CEO, Evan Bokor, commented, "We are proud to have the
opportunity to partner with Plug Power in providing financing
solutions for their products. We believe the green energy arena has
significant long-term growth opportunities and we are excited about
the prospects of assisting visionary companies such as Plug Power
in breaking new ground and taking strides towards achieving greater
energy independence for our country."
About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power
revolutionized the industry with cost-effective power solutions
that increase productivity, lower operating costs and reduce carbon
footprints. Long-standing relationships with industry leaders
forged the path for our key accounts, including Wegmans, Whole
Foods, and FedEx Freight. With more than 1,000 units in the
field and over 1.5 million hours of runtime, Plug Power
manufactures tomorrow's incumbent power solutions today. Visit us
at www.plugpower.com.
The Plug Power Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4446 About
Somerset Capital Group, Ltd.
Delivering asset management and equipment
leasing capabilities to customers in the U.S., Canada, Europe
and Asia, Somerset Capital Group, Ltd. is a leading provider of
domestic and international financial services solutions to clients
ranging from upper middle-market enterprises to the Fortune 1000
and major multinationals. Evidenced by its decades
long customer relationships, Somerset's service levels,
client-focus and global vision continue to exceed the market's
expectations.
Plug Power Inc. Safe Harbor
Statement
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including but not limited to expectations regarding revenues
and product orders for 2010. These statements are based on current
expectations that are subject to certain assumptions, risks and
uncertainties, any of which are difficult to predict, are beyond
our control and that may cause our actual results to differ
materially from the expectations in our forward-looking statements
including statements regarding the risk that unit orders will not
ship, be installed and/or convert to revenue, in whole or in part;
the cost and timing of developing our products and our ability to
raise the necessary capital to fund such development costs; the
ability to achieve the forecasted gross margin on the sale of our
products; the 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 GenDrive system; 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 improve system reliability for GenDrive;
competitive factors, such as price competition and competition from
other traditional and alternative energy companies; our ability to
manufacture products on a large-scale commercial basis; our ability
to protect our intellectual property; the cost of complying with
current and future governmental regulations; and other risks and
uncertainties discussed under "Item IA-Risk Factors" in our annual
report on Form 10-K for the fiscal year ended December 31, 2009,
filed with the Securities and Exchange Commission ("SEC") on March
16, 2010, and the reports we file from time to time with the
SEC. Plug Power does not intend to, and undertakes no duty to
update any forward-looking statements as a result of new
information or future events.
CONTACT: Plug Power Inc.
Media Contact:
Reid Hislop
(518) 782-7700 ext. 1360
Investor Relations Contact:
Cathy Yudzevich
(518) 782-7700 ext. 1448
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