Plug Power and Hyundai Hysco Sign Memorandum of Understanding to Form Fuel Cell Joint Venture in Asia
21 Aprile 2014 - 4:00PM
Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy solutions, today announced that in line with its
aggressive international growth strategy it has signed a
non-binding memorandum of understanding (MOU) with Hyundai Hysco
Co. Ltd. (Hysco), to create a joint venture partnership to develop
and sell hydrogen fuel cells in countries throughout Asia using
Hysco's advanced stack and plate technology.
Specifically, the proposed five-year joint venture will develop,
manufacture and sell fuel cell solutions, products and stacks for
applications in Asian markets. Under the terms of the MOU, the
companies must finalize the details of the joint venture by July
31, 2014.
"This highly anticipated joint venture with Hysco will enable
Plug Power to broaden its reach into the Asian market, putting us
well on our way toward global market expansion," said Andy Marsh,
CEO of Plug Power. "The positive impact on our bottom line from
fuel cell sales in the region in 2015 and beyond will play a
significant role in our achievement of profitability."
Plug Power is the premier hydrogen fuel cell systems integrator
in North America. The company maintains an intellectual property
portfolio including more than 150 US patents related to fuel cell
stack design, fuel cell system design, fuel processing, fuel
dispensing, energy storage and controls.
Hysco's strong R&D Center was founded with the goal of
developing cutting-edge products, materials, molding techniques,
coating and fluid floating technology, which includes work on fuel
cell systems and fuel cell stacks with an emphasis on low cost
stack plate technologies. Hysco has a significant presence in the
Asian marketplace.
Plug Power manufactures and sells fuel cell units and hydrogen
fueling solutions, and is a global leader in the material handling
market. The company currently has a significant presence in North
America, as well as in Europe, via its HyPulsion joint venture with
Air Liquide. Plug Power has over 4,500 GenDrive fuel cell units
deployed in the field with customers including Walmart, BMW,
Coca-Cola, Lowes, Kroger, Mercedes-Benz, P&G, and Sysco. Plug
Power continues to sign new contracts, broaden its customer list of
Fortune 500 companies, and expand into new markets both nationally
and globally.
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,
including Walmart, Sysco, Procter & Gamble, and Mercedes Benz,
forged the path for Plug Power's innovative GenKey hydrogen and
fuel cell system solutions. With more than 4,500 GenDrive units
deployed to material handling customers, accumulating over 20
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
that involve significant risks and uncertainties about Plug Power
Inc. ("PLUG"), including but not limited to statements about PLUG's
forecast of financial performance, products and services, business
model, strategy and growth opportunities, and competitive position.
You are cautioned that such statements should not be read as a
guarantee of future performance or results, and will not
necessarily be accurate indications of the times at, or by which,
such performance or results will have been achieved. Such
statements are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those
expressed in these statements. In particular, the risks and
uncertainties include, among other things, the risk that we
continue to incur losses and might never achieve or maintain
profitability; the risk that 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, in whole or in part; the
risk that a loss of one or more of our major customers could result
in a material adverse effect on our financial condition; the risk
that a sale of a significant number of shares of stock could
depress the market price of our common stock; the risk that
negative publicity related to our business or stock could result in
a negative impact on our stock value and profitability; the risk of
potential losses related to any product liability claims and
contract disputes; the risk of loss related to an inability to
maintain an effective system of internal controls or key personnel;
risks related to use of flammable fuels in our products; 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 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 products, including GenDrive
systems; the volatility of our stock price; 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 successfully expand
internationally; 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; risks associated with
potential future acquisitions; and other risks and uncertainties
referenced in our public filings with the Securities and Exchange
Commission. For additional disclosure regarding these and other
risks faced by PLUG, see disclosures contained in PLUG's public
filings with the Securities and Exchange Commission (the "SEC")
including, the "Risk Factors" section of PLUG's most recent filings
and in the prospectus supplement for this offering. You should
consider these factors in evaluating the forward-looking statements
included in this presentation and not place undue reliance on such
statements. The forward-looking statements are made as of the date
hereof, and PLUG undertakes no obligation to update such statements
as a result of new information.
CONTACT: Media Contact
Teal Vivacqua
518.738.0269
media@plugpower.com
Grafico Azioni Plug Power (NASDAQ:PLUG)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Plug Power (NASDAQ:PLUG)
Storico
Da Lug 2023 a Lug 2024