Plug Power Launches New Turnkey Solution to Smooth Customer Transition to Hydrogen Fuel Cells
16 Gennaio 2014 - 5:30PM
Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy solutions, today announced GenKey, the first
all-inclusive turnkey hydrogen solution for material handling
sites, which has been added to the company's arsenal of hydrogen
fuel cell offerings centered on the GenDrive product suite.
GenKey is comprised of three separate elements: GenDrive fuel
cell units, GenFuel hydrogen fuel and infrastructure, and GenCare
maintenance service. Plug Power provides full integration and
deployment of the entire GenKey package for customers to ensure
seamless transition to hydrogen fuel cell-based power for material
handling operations.
Moving to a hydrogen infrastructure can be misinterpreted as a
complex process, involving multiple vendors and contracts and
entailing a lot of internal knowledge and training. GenKey takes
complexity out of the equation for the customer by delivering a
complete range of services to dramatically simplify the entire
process. It is designed so companies can choose any or all of the
platform elements to simplify and suit their needs.
"GenKey allows us to increase our value-add for customers
through building a comprehensive turnkey solution that streamlines
the transition to a hydrogen infrastructure – we do all the hard
work, so the customer can focus on the best use of its new-found
productivity," said Andy Marsh, CEO of Plug Power. "GenKey also
transforms Plug Power's strategic business model from a
product-only model, to one with a recurring revenue stream that we
expect will add more predictability to our bottom line."
The industry leading GenDrive fuel cell product line provides a
comprehensive product suite foundation for warehouse and
distribution center lift trucks that are converted from battery to
fuel cell power. The fuel cells are a drop-in replacement for
lead-acid batteries, fitting precisely into existing compartments
on all major OEM material handling equipment.
The new GenFuel component will provide customers with support
for the design and construction of an onsite hydrogen fuel
infrastructure, either with the retrofitting of an existing
facility or via development at a brand new facility. GenFuel
services include the design, procurement, commissioning and
maintenance for all the components required to successfully
dispense hydrogen without disruption to the customer's operations.
Plug Power will provide operator training and a constant supply of
cost-efficient hydrogen that leverages Plug Power's quantity buying
power.
GenCare is an ongoing maintenance service for both the fuel
cells and hydrogen infrastructure. It includes advanced system
monitoring, preventive maintenance, periodic system enhancements,
parts inventory logs, and rapid-response onsite service by GenCare
technicians.
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 16
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 statements that are not historical
facts and are considered forward-looking within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, including but not limited to
statements regarding our expectations regarding the acceptance,
performance and impact of our GenKey offering, including a more
predictable business model and revenue stream. These
forward-looking statements contain projections of our future
results of operations or of our financial position or state other
forward-looking information. We believe that it is important to
communicate our future expectations to our investors. However,
there may be events in the future that we are not able to
accurately predict or control and that may cause our actual results
to differ materially from the expectations we describe in our
forward-looking statements. Investors are cautioned not to unduly
rely on forward-looking statements because they involve risks and
uncertainties, and actual results may differ materially from those
discussed as a result of various factors, including, but not
limited to: the risk that we continue to incur losses and might
never achieve or maintain profitability, the risk that we may need
to raise additional capital to fund our operations and such capital
may not be available to us; the risk that we may not have enough
cash to fund our operations to profitability and if we are unable
to secure additional capital, we may need to reduce and/or cease
our operations; the risk that a "going concern" opinion from our
auditors, KPMG LLP, could impair our ability to finance its
operations through the sale of equity, incurring debt, or other
financing alternatives; 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; the risk that pending orders
may not convert to purchase orders; the risk that we fail to comply
with NASDAQ's listing standards which may result in our common
stock being delisted from the NASDAQ stock market, which may
severely limit our ability to raise additional capital; 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 exceeds our 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 under "Item IA—Risk Factors" in Plug
Power's annual report on Form 10-K for the fiscal year ended
December 31, 2012, filed with the Securities and Exchange
Commission ("SEC") on April 1, 2013 and as amended on April 30,
2013 and the reports Plug Power filed from time to time with the
SEC. These forward-looking statements speak only as of the date on
which the statements were made and are not guarantees of future
performance. Except as may be required by applicable law, we do not
undertake or intend to update any forward-looking statements after
the date of this communication.
CONTACT: Media Contact
Teal Vivacqua
518.738.0239
media@plugpower.com
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