Plug Power Begins Production of Proprietary Membrane Electrode Assemblies (MEAs), a Key Component of its New ProGen Metal Pla...
18 Settembre 2018 - 1:00PM
Leveraging its acquisition of American Fuel Cell,
the new ProGen metal plate stack provides twice as much power
density and a longer lifecycle for on-road applications
Plug Power Inc. (NASDAQ: PLUG), a leading provider of energy
solutions that change the way the world moves, today announced the
production of its membrane electrode assemblies (MEAs). Leveraging
the expertise gained through its acquisition of American Fuel Cell
(AFC) technology in June 2018, Plug Power’s proprietary MEA is a
key component of the newly designed ProGen metal plate stack. The
new stack provides Plug Power with a competitive edge, doubling the
power density of its graphite plate stack and extending the life
cycle for on-road applications. With this new stack, Plug Power
continues its commitment to fuel cell innovation and its goal of
accelerating the adoption of zero emission hydrogen fuel cell
electric vehicles (HFCVs) through powerful technologies.
Hydrogen fuel cells are the cleanest alternative energy solution
available today, with heat and water as the only byproducts. For
businesses dependent on the usability and range of delivery
vehicles, HFCVs provide markedly improved uptime, offering a
sustainable alternative to the lengthy charge times and range
anxiety associated with battery-powered electric vehicles (BEVs).
With the new ProGen metal plate stack, Plug Power is introducing a
robust alternative energy solution that lasts longer and more than
doubles standard BEV range, keeping high utilization fleet vehicles
on the road longer.
“It’s no secret that fuel cell adoption is on the rise. Earlier
this year KPMG stated that hydrogen fuel cell electric vehicles
have replaced battery-powered electric vehicles as the number one
trend until 2025,” said Andy Marsh, CEO, Plug Power. “With this
increase in popularity, it’s critical that we’re prepared to
address the growing needs of today’s customers as well as those on
the horizon. Thanks to the recent expansion of our facilities in
Rochester and Clifton Park, NY, Plug Power has the infrastructure
required to ramp up production of our new ProGen metal plate stack,
ensuring we’re meeting the demands of this rapidly expanding
industry.”
A core component of the ProGen metal plate stack, Plug Power
developed an ink, catalyst, and material formula for its MEA
technology that improves efficiency and enhances durability. Plug
Power began manufacturing MEAs in the third quarter of 2018 from
Rochester, NY leveraging existing expertise and infrastructure in
fuel cell technology as well as thin film coating and roll-to-roll
manufacturing.
“Technology innovation is paramount to the success of hydrogen
fuel cell adoption, and Plug Power has an established reputation as
the industry’s leader,” said Keith Schmid, COO, Plug Power. “By
quickly onboarding the AFC team, we’ve been able to merge their
specialized skill sets in MEAs and on-road applications with Plug
Power’s unmatched experience in hydrogen fuel cell system design.
This collaborative design effort allows our ProGen technology to
operate more efficiently, reduce operating costs, and meet
sustainability goals.” The ProGen metal plate stack will be
integrated into Plug Power’s ProGen hydrogen engines, simplifying
the advancement of new on-road market development opportunities
like delivery vans, buses, and trucks. The newly designed MEAs and
metal stacks will improve product performance, cost, and quality.
About Plug Power Inc. The architect of modern
hydrogen and fuel cell technology, Plug Power is the innovator that
has taken hydrogen and fuel cell technology from concept to
commercialization. Plug Power has revolutionized the material
handling industry with its full-service GenKey solution, which is
designed to increase productivity, lower operating costs and reduce
carbon footprints in a reliable, cost-effective way. The Company’s
GenKey solution couples together all the necessary elements to
power, fuel and serve a customer. With proven hydrogen and fuel
cell products, Plug Power replaces lead acid batteries to power
electric industrial vehicles, such as the lift trucks customers use
in their distribution centers. Extending its reach into the
on-road electric vehicle market, Plug Power’s ProGen platform of
modular fuel cell engines empowers OEMs and system integrators to
rapidly adopt hydrogen fuel cell technology. ProGen engines are
proven today, with thousands 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. Learn
more at www.plugpower.com.
Safe Harbor StatementThis 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 expectations
regarding growth in Europe, revenue, growth with GenKey customers
and its project financing platform. 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 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 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; the risk that 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 or contract disputes; the risk of loss related to
an inability to maintain an effective system of internal controls
or key personnel; the 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, GenSure and GenKey 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, GenSure and
GenKey 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 (the “SEC”). For additional disclosure regarding these
and other risks faced by PLUG, see disclosures contained in PLUG's
public filings with the SEC including, the "Risk Factors" section
of PLUG's Annual Report on Form 10-K for the year ended December
31, 2017. 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.
SOURCE: PLUG POWER
Media Contact Kate GundryPluck
617.797.5174plugpower@pluckpr.com
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