Plug Power Expands Manufacturing in New York’s Finger Lakes Region with the Grand Opening of its Facility in Rochester
22 Febbraio 2019 - 4:45PM
Plug Power Inc. (NASDAQ:PLUG), a leading provider of energy
solutions that change the way the world moves, announces its
continued expansion of high-tech manufacturing in Rochester, NY.
Lieutenant Governor Kathy Hochul will join Joe Morelle, the U.S.
Representative for New York at a grand opening on February 22, 2019
to discuss New York State’s investment in this project which
complements the regionally designed “Finger Lakes Forward” economic
development plan. The state’s dedication to clean, renewable energy
will be highlighted. Plug Power’s commitment to green job creation
is helping this initiative succeed by encouraging economic growth
in the local community. With this newest manufacturing expansion,
Plug Power is on pace to achieve its goal of creating more than 180
new jobs in clean tech for the state.”
The facility is located at the Eastman Business Park, formerly
Kodak Park. Plug Power has partnered with Kodak to utilize its
high-speed roll to roll digital coating equipment. Through this
relationship, Plug Power gains use of the high-tech capability it
needs to ramp up production of its Membrane Electrode Assembly
(MEA) technology for zero emission hydrogen fuel cells.
Additionally, Plug Power has opened a final assembly facility with
partner EEP, allowing the company to keep up with the demands of a
growing industry.
“I’ve lived in Upstate New York for over a decade and still
continue to be impressed by the availability of bright, inventive
minds that are ready and willing to jump right in and work,”
said Andy Marsh, CEO, Plug Power. “As the leader
of Plug Power, it’s incredible to not only run a business that
provides a green solution that is changing the way the world moves,
but also where I can help bring more lucrative, green jobs to the
people of my own state.”
With a global push for cleaner solutions and reduced carbon
emissions, the demand for sustainable technology such as hydrogen
fuel cells is crucial. Having the infrastructure and smart,
hardworking people to take that next step is essential in order to
further grow a clean, and sustainable future. Plug Power’s
expansion in the Finger Lakes Region, which is robust with skillful
and driven people, as well as access to advanced technology that
streamlines the path to safe and cutting-edge technology, ensures
Plug Power’s position as the leader in hydrogen fuel cell
technology.
"Plug Power joins the growing list of companies expanding and
creating jobs in Rochester and the Finger Lakes region,"
said Lieutenant Governor Kathy Hochul, who made today's
announcement in Rochester. "This investment is a boost for
good paying clean energy jobs and complements our statewide efforts
to focus on renewable energy production to combat the growing
threat of climate change."
Congressman Joe Morelle said, “New York has
always been a leader in green energy and innovative technology –
Plug Power continues that legacy by leveraging our core assets to
invest in advanced manufacturing that strengthens our local
economy, creates new clean tech jobs while shrinking our carbon
footprint. I am grateful to Plug Power and our many government and
community partners who remain dedicated to creating new job
opportunities and working towards a cleaner, more sustainable
future.”
Empire State Development President, CEO &
Commissioner Howard Zemsky said, "New York State’s
strategic investments in advanced manufacturing and sustainable
energy production are supporting innovators like Plug Power in
developing new technologies that will drive both the Finger Lakes
economy and build the state’s commitment to clean energy
industries.”
"Our acquisition of American Fuel Cell last year allowed Plug
Power to leverage AFC’s expertise to manufacture innovative MEA
technology that’s unique to our vision and customer needs,”
said Keith Schmid, COO, Plug Power. "Combining the
team’s design capabilities with Kodak’s digital high speed coating
technology, we’ve been able to rapidly turn our vision into a
reality, producing more than 10,000 of Plug Power’s new MEAs to
date, with plans to deliver up to 400,000 in 2019.”
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. Expanding 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 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
expectations regarding revenue, growth with GenKey customers. 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 communication 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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