Plug Power Announces Joint Venture With Air Liquide to Meet Growing European Fuel Cell Demand
09 Novembre 2011 - 5:35PM
Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy products, today announces its intent to join forces
with Axane, an Air Liquide subsidiary, to create a joint venture in
order to meet growing demand for GenDrive® fuel cell products
across the European material handling market.
By combining the technical innovation of the Plug Power GenDrive
fuel cell products with the significant European market presence of
Air Liquide, the anticipated joint venture would provide customers
with a more efficient and environmentally friendly alternative to
battery-powered electric lift trucks. The joint venture would also
enable Plug Power to leverage its success with its current base of
North America customers with global brands and to further extend
these relationships in the European market. Plug Power and Air
Liquide are currently working in conjunction on GenDrive system and
hydrogen infrastructure deployments at Walmart (Alberta, Canada)
and Coca-Cola (San Leandro, CA).
"As a leading global provider of hydrogen, Air Liquide is the
ideal partner to help spearhead our expansion into the burgeoning
European market," said Andy Marsh, CEO at Plug Power Inc. "We look
forward to working hand-in-hand with Air Liquide to bring the
economic and environmental benefits of GenDrive fuel cell products
to the European material handling industry. GenDrive continues to
be the leading choice for clean energy-powered lift trucks,
delivering increased productivity and lower operational costs with
zero greenhouse gas emissions."
Under the proposed joint venture, Plug Power will contribute a
license to certain intellectual property rights for the initial
European project territory and Axane will provide installments of
cash over a period of five years. Ownership in the joint venture
will be shared so that Plug Power's initial shareholding in the
joint venture will be 45 percent, and Axane's initial shareholding
in the joint venture will be 55 percent. Plug Power will have the
opportunity to leverage its ownership stake to acquire a majority
stake in 2016.
The Plug Power GenDrive products would address the European
material handling market consisting of 325,000 annual forklift
truck sales and an existing installed base of 2,000,000 forklift
trucks. Initially, the GenDrive units would be manufactured at Plug
Power's Latham, NY headquarters and distributed through the sales
and service channel provided by Axane, with the potential for
European-based manufacturing at a later date.
Plug Power is the leading hydrogen fuel cell supplier for
material handling operations in North America, holding 85 percent
market share. GenDrive fuel cell products have accumulated more
than 5M operating hours at customer sites. With its existing
relationships with leading global brands Air Liquide would bring a
number of governmental funding relationships to the joint venture.
For instance, the French agency for innovation support, called
OSEO, supports the Horizon Hydrogen Energy (H2E) innovation
program, coordinated by the Air Liquide Group. H2E
aims at building sustainable and competitive hydrogen energy
solutions.
François Darchis, Senior Vice-President, Air Liquide Group, and
a member of the Executive Committee commented, "This partnership
will allow us to contribute throughout Europe to the deployment of
non-polluting hydrogen fleets. The forklift market prefigures the
future development of the hydrogen-powered automobile market.
Energy and the environment are growth drivers for the
Air Liquide Group."
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 Plug Power's key accounts, including Wegmans,
Whole Foods, and FedEx Freight. With more than 1,500 GenDrive
units shipped to material handling customers, accumulating over 5
million hours of runtime, Plug Power manufactures tomorrow's
incumbent power solutions today. Additional information about Plug
Power is available at www.plugpower.com. The Plug Power Inc. logo
is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4446
About Air Liquide
Air Liquide is the world leader in gases for industry, health
and the environment, and is present in 80 countries with
43,600 employees. Oxygen, nitrogen, hydrogen and rare gases
have been at the core of Air Liquide's activities since its
creation in 1902. In 2010, the Group's revenues amounted to €13.5
billion, of which more than 80% were generated outside France.
Air Liquide is listed on the Paris Euronext stock exchange
(compartment A) and is a member of the CAC 40 and Dow Jones Euro
Stoxx 50 indexes. Additional information about Air Liquide is
available at www.airliquide.com
About Axane
In 2001, Air Liquide created Axane, a subsidiary dedicated to
developing fuel cells. Axane designs, manufactures and
commercializes these fuel cells.
Plug Power Inc. Safe Harbor
Statement
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. 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 Plug Power's control and
that may cause Plug Power's actual results to differ materially
from the expectations in Plug Power's forward-looking statements
including statements regarding the risk that the joint venture may
or may not form or that the terms of the joint venture may
ultimately differ from the terms disclosed in this release; that
unit orders will not ship, be installed and/or convert to revenue,
in whole or in part; the cost and timing of developing Plug Power's
products and its ability to raise the necessary capital to fund
such development costs; the risk that the previously disclosed
expected uses of the Company's recently raised capital may change;
the ability to achieve the forecasted gross margin on the sale of
Plug Power's 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
Plug Power's products; market acceptance of Plug Power's GenDrive
system; Plug Power's 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 Plug Power's products; Plug Power's
ability to develop commercially viable products; Plug Power's
ability to reduce product and manufacturing costs; Plug Power's
ability to successfully expand its product lines; Plug Power's
ability to improve system reliability for GenDrive; competitive
factors, such as price competition and competition from other
traditional and alternative energy companies; Plug Power's ability
to manufacture products on a large-scale commercial basis; Plug
Power's ability to protect its intellectual property; the cost of
complying with current and future governmental regulations; and
other risks and uncertainties discussed under "Item IA-Risk
Factors" in (i) Plug Power's annual report on Form 10-K for the
fiscal year ended December 31, 2010, filed with the Securities and
Exchange Commission ("SEC") on March 31, 2011 and (ii) in Plug
Power's quarterly report on Form 10-Q for the quarter ended March
31, 2011 filed with the SEC on May 13, 2011, as well as in the
other reports Plug Power files 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: Media Contact:
Reid Hislop
Plug Power Inc.
Phone: (518) 782-7700 ext. 1360
Investor Relations Contact:
Cathy Yudzevich
Plug Power Inc.
Phone: (518) 782-7700 ext. 1448
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