Customer Success With Lower-Cost Hydrogen Production Systems Expands Market for Plug Power GenDrive Fuel Cells
11 Luglio 2013 - 1:00PM
Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy solutions, today highlights that recent customer
success with hydrogen production systems, called on-site reformers,
allows GenDrive® fuel cells to provide cost-effective power for
smaller forklift truck fleets. On-site reformer systems convert
natural gas to hydrogen on customer premises, which decreases fuel
infrastructure costs and makes hydrogen power more viable.
To power their fuel cell vehicles, customers have two hydrogen
supply options: install a hydrogen storage system that dispenses
delivered compressed hydrogen, or install a reformer infrastructure
on-site that generates, compresses, stores and dispenses
hydrogen.
Plug Power initially focused GenDrive sales efforts on large
distribution centers where replacing lead-acid batteries with
cleaner, more efficient fuel cells provided a green, cost-effective
solution for fleets averaging 100 forklift trucks.
With cost-efficient on-site hydrogen production solutions now
proving to be a viable option, Plug Power is able to broaden its
reach and supply fuel cell solutions to customer sites with fleet
sizes as small as 20 forklift trucks. This capability could lead to
a 40 percent expansion in the company's serviceable addressable
market, and expand Plug Power's North America market size by more
than $1 billion.
Already, GenDrive units are being ordered by customers who will
be generating hydrogen on-site. One such Plug Power customer, Ace
Hardware, will deploy 65 GenDrive units to power its lift truck
fleet at its newest retail support center in Wilmer, TX, when it is
completed in 2014. Ace Hardware will be using an on-site hydrogen
generation and refueling solution provided by Nuvera Fuel Cells.
On-site generation of hydrogen will allow Ace to eliminate most of
the upfront costs of bringing hydrogen to the site.
"Low-cost hydrogen infrastructure is crucial to expansion for
Plug Power," said Andy Marsh, CEO at Plug Power. "The ability to
satisfy smaller fleets within our already proven market of material
handling will allow Plug Power to successfully work with smaller
customer sites where hydrogen now makes sense for their
business."
About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power is
revolutionizing 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 Walmart,
Sysco, P&G and Mercedes. With more than 4,000 GenDrive units
deployed to material handling customers, accumulating over 12
million hours of runtime, Plug Power manufactures tomorrow's
incumbent power solutions today. Additional information about Plug
Power is available at www.plugpower.com.
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 our control and that may
cause our actual results to differ materially from the expectations
in our forward-looking statements including, but not limited to:
the risk that we continue to incur losses and might never achieve
or maintain profitability, the risk that we expect we will need to
raise additional capital to fund our operations and such capital
may not be available to us; 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; the
risk that our continued failure to comply with NASDAQ's listing
standards may severely limit our ability to raise additional
capital; the cost and timing of developing 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 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 systems; 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 our GenDrive
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; and other risks and
uncertainties discussed, but are not limited to, those set forth in
(i) "Item IA-Risk Factors" in our Annual Report on Form 10-K for
the fiscal year ended December 31, 2011, filed with the Securities
and Exchange Commission ("SEC") on March 30, 2012 and (ii) in our
quarterly report on Form 10-Q for the quarter ended September 30,
2012 filed with the SEC on November 14, 2012, as well as in the
other reports we file from time to time with the SEC. We do
not intend to, and undertake no duty to; update any forward-looking
statements as a result of new information or future events.
CONTACT: North American Press Contact
David Rodewald / Karen Freedman
The David James Agency LLC
+1 805 494-9508
plugpower@davidjamesagency.com
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