Plug Power Speaks to California Hydrogen Business Council
02 Dicembre 2010 - 8:01PM
Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy solutions, today announced that CEO, Andy Marsh,
presented to an influential audience at the California Hydrogen
Business Council's (CHBC) General Meeting on December 1, 2010. Mr.
Marsh used several customer examples to illustrate the viability of
hydrogen fuel cells for the material handling market.
Plug Power has over 800 GenDrive fuel cells installed in
applications across North America, accumulating over 2 million
hours of run time. By the end of the forth quarter of 2010, Plug
Power customers will perform an estimated 4,000-5,000 fuelings of
the GenDrive® fuel cells each week. The use of fuel cells in
material handling applications not only benefits the long term
viability of the hydrogen economy, but positively impacts the
environmental initiatives for the State of California. "Today,
total greenhouse gas (GHG) emissions created by forklift trucks in
California are estimated to be over 2M tonnes each year. By
using hydrogen fuel cells instead of lead-acid batteries, this
number could be reduced by as much as 90%, the equivalent of
removing 300,000 cars from California roads each year," said Andy
Marsh.
The CHBC conference attracted over 70 attendees including
Catherine Dunwoodie, Director of the California Fuel Cell
Partnership and Mike McGowan, Co-chair of the newly formed Fuel
Cell and Hydrogen Energy Association (FCHEA). Other
cooperating companies included the South Coast Air Quality
Management District, California Air Resource Board, American Honda
Motor Co., Inc. and Air Products.
Mr. Marsh continued, "It was a pleasure meeting with industry
influencers who understand the value and benefits created by the
continued build out of the hydrogen economy. California is a
very important state for Plug Power to continue the communication
of fuel cell products in the material handling market."
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
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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