Plug Power Secures Colruyt Group as GenDrive Customer in Belgium
November 19 2015 - 7:00AM
Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean,
reliable energy solutions, announces European supermarket leader
Colruyt Group as its next GenDrive fuel cell customer in Europe.
Colruyt Group will use 200 GenDrive units in its Halle, Belgium,
facility. The units will be rolled-out in two phases: 75 units in
phase one and 125 in phase two.
Colruyt Group distinguishes itself through the value-driven
craftsmanship of its products and the sustainable entrepreneurship
in its operations. The company's sustainability initiatives involve
optimizing its own operations and collaborating with others in its
supply chain to minimize its impact on the environment.
Adoption of the GenDrive fuel cell solution enhances this
initiative – Colruyt Group increases efficiency of its workers, in
a safer environment by removing lead-acid batteries from the work
place. GenDrive is powered by clean hydrogen fuel, generating only
heat and water as byproducts.
Colruyt Group is an €8.6 billion chain of supermarkets in
Belgium and France. "Already for many years, sustainable
entrepreneurship has been embedded in the Colruyt Group's DNA as an
essential part of our business culture," said Jonas Cautaerts,
Project Engineer Energy & Environment. "We aim to set a
positive spiral in motion from an economic perspective but also to
create added value in the social and ecological field. Step by
step, bit by bit, we are making progress, although we realize that
this is an ongoing process. Hydrogen is one of the many projects we
have developed to reduce our ecological impact."
"Plug Power's GenDrive hydrogen fuel cell systems fits nicely
with the technology-forward mission and innovative operational
leadership of Colruyt Group," said Andy Marsh, CEO for Plug Power.
"The company's use of GenDrive benefits its operations, its
employees and its communities. We look forward to helping the
company continue to grow its sustainability efforts as its business
grows in Europe."
The value delivered by hydrogen fuel cells is shared by Plug
Power customers in North America and Europe alike. Plug Power
continues to expand its operations in the $20 billion European
electric lift truck market with its hydrogen and fuel cell
products. The Plug Power European sales team is currently targeting
manufacturing and distribution customers in European territories
where the value of increased productivity is especially high.
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 9,000 GenDrive units
deployed with material handling customers, GenDrive has been proven
reliable with over 107 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
2015 guidance for revenue, gross margin, GenFuel hydrogen
infrastructure construction and order bookings, as well as growth
in new customers and other 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 will not be able to obtain
financing arrangements to support the sale or leasing of our
products and services to customers; 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
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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.
CONTACT: Media Contact
Teal Vivacqua
518.738.0269
media@plugpower.com
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