Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy
solutions that change the way the world moves, announced that it
has reached an agreement with Amazon to utilize Plug Power fuel
cells and hydrogen technology in its fulfillment network. At select
fulfillment center locations, Amazon will begin powering its
industrial equipment such as forklifts using the GenKey technology
which will enable faster charging times, reduced costs, and support
energy-efficiency in Amazon’s fulfillment operations.
Revenues associated with the commercial agreements are expected to
be around $70 million in 2017.
“This agreement is a tremendous opportunity for Plug Power to
further innovate and grow while helping to support the work Amazon
does to pick, pack and ship customer orders,” said Andy Marsh, CEO
of Plug Power. “Our hydrogen fuel cell technology, comprehensive
service network, and commitment to providing cost-savings for
customers has enabled Plug Power to become a trusted partner to
many in the industry and we are excited to begin working with
Amazon.”
Additionally, Amazon and Plug Power will begin working together
on technology collaboration, exploring the expansion of
applications for Plug Power’s line of ProGen fuel cell engines.
Plug Power has granted Amazon warrants to acquire up to
55,286,696 of Plug Power’s common shares at $1.1893 per share
(Exercise Price), which is based on the volume weighted average
closing price of Plug Power common shares for the thirty trading
days ending April 4, 2017. Vesting of the warrants is tied to
payments totaling $600 million in the aggregate made by Amazon,
directly or indirectly, in connection with the purchase of goods
and services from Plug Power. An adjustment to the Exercise
Price will occur after the first 34,917,912 warrants have vested,
and will be based on the volume weighted average closing price, at
the time that such warrants vest. The details of the warrants and
vesting is described in more detail in a report on Form 8-K filed
by Plug Power with the SEC earlier today.
About Plug Power Inc. The
architects of modern hydrogen and fuel cell technology, Plug Power
is the innovator taking hydrogen fuel cell technology from concept
to commercialization. Plug Power has revolutionized the industry
with its simple GenKey solution, which is designed to increase
productivity, lower operating costs and reduce carbon footprints in
a reliable, cost-effective way. Plug Power’s GenKey solution
couples together all the necessary elements to power, fuel and
serve a customer.
Plug Power’s hydrogen and fuel cell solutions for material
handling applications replace lead acid batteries to power electric
industrial vehicles, such as the lift trucks Amazon uses in its
fulfillment centers. Material handling professionals experience a
more productive workforce as trucks operate at maximum power for an
entire shift, and they can eliminate costly battery changes that
impact productivity and safety. The use of hydrogen fuel cells also
reduces greenhouse gas emissions, improving a customer’s
environmental footprint.
Plug Power’s ProGen platform of modular fuel cell engines
empowers OEMs and system integrators to rapidly adopt hydrogen fuel
cell technology. Through ProGen, Plug Power extends its reach into
the on-road electric vehicle market, increasing its served market
for fuel cell products and hydrogen fueling stations. The ProGen
fuel cell engine solution addresses a wide range of applications,
including parcel delivery and service trucks, municipal and
government fleets, taxis and port vehicles. ProGen engines are
proven today, with more than 6,000 ProGen engines in service,
supporting some of the most rugged operations in the world.
Plug Power is the partner that customers trust to take their
businesses into the future. For more information about Plug Power,
visit www.plugpower.com[plugpower.com].
Additional Information about the Transaction and Where
to Find ItThis communication is being made in respect of
the transactions between Plug Power Inc. (the “Company”) and
Amazon.com, Inc. (“Amazon”), and the related issuance of warrants,
described herein. The issuance of the warrants, and the exercise
thereof, with respect to shares of the Company’s common stock
representing more than 20% of the Company’s shares of common stock
outstanding as of the date of issuance of such warrants will be
submitted to the Company’s stockholders for their approval (the
“Stockholder Approval”). The Company intends to file with the U.S.
Securities and Exchange Commission (the “SEC”) a proxy statement
for its 2017 annual meeting of stockholders (the “Proxy Statement”)
that will include a proposal relating to the Stockholder Approval.
This communication does not constitute a solicitation of any vote
or proxy from any of the Company’s stockholders. Investors are
urged to read the Proxy Statement carefully and in its entirety
when it becomes available and any other relevant documents or
materials filed or to be filed with the SEC or incorporated by
reference in the Proxy Statement, because they will contain
important information about the transactions between the Company
and Amazon, the issuance of the warrants and the proposal relating
to the Stockholder Approval. The Proxy Statement will be mailed to
the Company’s stockholders. In addition, the Proxy Statement and
other documents will be available free of charge at the SEC’s
internet website, www.sec.gov[sec.gov]. When available, the Proxy
Statement and other pertinent documents may also be obtained free
of charge at the Investor Relations section of the Company’s
website, www.plugpower.com[plugpower.com], or by directing a
written request to Plug Power Media & Investor Relations, 968
Albany Shaker Road, Latham, New York 12110 or at tel: (518)
738-0269 or email: media@plugpower.com.
The Company and its directors, executive officers and other
members of management and employees may be deemed to be
participants in the solicitation of proxies from the Company’s
stockholders in favor of the Stockholder Approval. Information
about the Company’s directors and executive officers is included in
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2016 filed with the SEC on March 10, 2017. Additional
information regarding these persons and their interests in the
transactions will be included in the Proxy Statement when it is
filed with the SEC. These documents can be obtained free of charge
from the sources indicated above.
Cautionary Note on Forward Looking
StatementsThis communication contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve significant risks and uncertainties
about the Company, including but not limited to statements about
the Company’s expectations regarding the number and timing of
GenKey deployments with Amazon, expansion of applications for
ProGen and the achievement of operational efficiencies and
long-term profitability. Investors 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 that, 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 the
Company will not obtain the Stockholder Approval that may be
required with respect to the equity arrangements expressed in the
agreements with Amazon; the risk that the anticipated benefits of
the agreements with Amazon will not be realized when expected, or
at all; the possibility that Amazon may terminate its agreements
with the Company; the effect of the announcement or pendency of the
transactions contemplated by the agreements with Amazon; the risk
that the Company continues to incur losses and might never achieve
or maintain profitability; the risk that the Company will need to
raise additional capital to fund its operations and such capital
may not be available; the risk that the Company’s lack of extensive
experience in manufacturing and marketing products may impact its
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 be converted to revenue, in whole or in
part; the risk that a loss of one or more of the Company’s major
customers could result in a material adverse effect on the
Company’s financial condition; the risk that a sale of a
significant number of shares of stock could depress the market
price of the Company’s common stock; the risk of potential losses
related to any product liability claims or contract disputes; the
risk of loss related to an inability to maintain an effective
system of internal controls; the Company’s ability to attract and
maintain key personnel; the risks related to the use of flammable
fuels in the Company’s products; the risk that pending orders may
not convert to purchase orders, in whole or in part; the cost and
timing of developing, marketing and selling the Company’s products
and the Company’s ability to raise the necessary capital to fund
such costs; the Company’s ability to obtain financing arrangements
to support the sale or leasing of its products and services to
customers; the Company’s ability to achieve the forecasted gross
margin on the sale of its products; the cost and availability of
fuel and fueling infrastructures for the Company’s products; the
risk of elimination of government subsidies and economic incentives
for alternative energy products; market acceptance of the Company’s
products and services, including GenDrive units; the Company’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 the Company’s
products; the Company’s ability to develop commercially viable
products; the Company’s ability to reduce product and manufacturing
costs; the Company’s ability to successfully market, distribute and
service its products and services internationally; the Company’s
ability to improve system reliability for its products; competitive
factors, such as price competition and competition from other
traditional and alternative energy companies; the Company’s ability
to protect its intellectual property; the cost of complying with
current and future federal, state and international governmental
regulations; the risks associated with potential future
acquisitions; the volatility of the Company’s stock price; and
other risks and uncertainties referenced in the Company’s public
filings with the SEC.
For additional disclosure regarding these and other risks faced
by the Company, see disclosures contained in the Company’s public
filings with the SEC, including the “Risk Factors” section of the
Company’s Annual Report on Form 10-K for the year ended December
31, 2016. Investors should consider these factors in evaluating the
forward-looking statements included in this communication and not
place undue reliance on such statements. The forward-looking
statements are made as of the date hereof, and the Company
undertakes no obligation to update such statements as a result of
new information.
Plug Power Investor Contact
John Cococcia
investors@plugpower.com
Plug Power Media Contact
Teal Vivacqua
media@plugpower.com
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