Photo Release -- Plug Power Announces Uline as New GenKey Customer in Pleasant Prairie, Wisconsin
May 21 2015 - 7:00AM
Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy solutions today announced Uline, Inc., as a new
GenKey customer. Uline, a family-owned business, is the leading
distributor of shipping, industrial and packaging materials to
businesses throughout North America, offering more than 30,000
products. Given their business strategy of same day turn-around,
productivity and predictability are important to Uline and are key
benefits that the proven GenKey solution delivers.
A photo accompanying this release is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=33147
The initial deployment of GenDrive units will be powering the
forklift fleet at one of Uline's distribution centers in Pleasant
Prairie, WI. Additionally, Uline will deploy a second fleet of
GenDrive-powered lift trucks into a newly constructed facility in
the coming months. Uline distributes from twelve branches located
across the US, Canada and Mexico.
Uline will operate more than 130 GenDrive units between the two
facilities. Additionally, Plug Power will expand the existing
GenFuel liquid system used for the currently operational pilot in
Pleasant Prairie into a full liquid system including eight
dispensers.
This infrastructure leverages Plug Power's new GenFuel
construction process where a significant portion of the hydrogen
infrastructure is built onsite at Plug Power's facility and shipped
to the site for installation. By building the equipment in-house,
Plug Power can deliver these systems more cost effectively with
industry leading lead times.
Uline will realize efficiency and environmental benefits by
implementing a hydrogen and fuel cell solution. The new system will
require a fraction of the floor space of a traditional battery
handling system and hydrogen fuel cells emit only heat and water as
emissions.
"I'm excited to announce Uline as a new Plug Power GenKey
customer," said Andy Marsh, CEO at Plug Power. "Plug Power's
solutions deliver upon the promise of increased productivity, an
attribute strongly valued by industry leaders like Uline. We look
forward to helping them grow and expand their business."
Join the Plug POWERTrip and 2015 Annual
Meeting
Today, Plug Power will host guests at the InterContinental New
York Times Square for its annual shareholder meeting and second
stop on the Plug POWERTrip, including
presentations delivered by CEO Andy Marsh and CFO Paul Middleton.
Marsh and Middleton will discuss Plug Power's financial strategy to
grow the business by 50% in 2015 into a $500M business in three to
five years.
Date: Thursday, May 21, 2015
Time: 10:00 am ET Location:
InterContinental New York Times Square, Washington Square Park Room
– 300 W 44th Street, New York, NY Toll-free:
877.465.1289
In conjunction with the meeting, the Company will host a live
webcast of the audio and presentation slides. The webcast can be
joined by going directly to the Plug Power website and selecting
the meeting link on the home page, or directly at
http://www.plugpowertrip.com. The webcast will be available online
for a period of time following the meeting.
About Plug Power Inc.
The powerhouse in hydrogen fuel cell technology, Plug Power is
revolutionizing the industry with cost-effective solutions that
increase productivity, lower operating costs and reduce carbon
footprint. Its signature solution, GenKey, provides an
all-inclusive package for customers, incorporating GenFuel hydrogen
and fueling infrastructure, GenCare aftermarket service and either
GenDrive or ReliOn fuel cell systems. GenDrive, a lead-acid battery
replacement, is used in electric lift trucks in high-throughput
material handling applications. With more than 6,500 GenDrive units
deployed with material handling customers, GenDrive has been proven
reliable with over 100 million hours of runtime. Plug Power
manufactures tomorrow's incumbent power solutions today, so
customers can POWERAhead. Additional information about the Plug
Power brands 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, order bookings, business model,
strategy and growth opportunities. 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; 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, ReliOn 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, ReliOn 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. 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 Annual Report on
Form 10-K for the year ended December 31, 2014. 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.
The photo is also available via AP PhotoExpress.
CONTACT: Plug Power Media Contact
Teal Vivacqua
518.738.0269
media@plugpower.com
Plug Power (NASDAQ:PLUG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Plug Power (NASDAQ:PLUG)
Historical Stock Chart
From Apr 2023 to Apr 2024