LATHAM, N.Y., July 12, 2016 (GLOBE
NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing
energy solutions that change the way the world moves, has received
a new purchase order from FM Logistic for use of Plug Power's
GenDrive product in its 90,000 square meter logistics facility in
Neuville-aux-Bois, France. Plug Power's world-class GenDrive fuel
cell units will be deployed in FM Logistic's Toyota Material
Handling and Crown pallet jacks and reach trucks.
FM Logistic is a family-run
business started in 1967 and is one of the leading logistics
providers in the European market. Today's logistics leaders
continuously demand high-quality solutions to become more
competitive and to continuously improve its processes and resources
to meet and exceed customer's needs.
Plug Power's GenDrive fuel cell
solution displaces lead-acid batteries in electric lift trucks and
enables customers to increase the productivity of its operations,
while reducing operational costs. Plug Power has a suite of
CE-certified units available for European material handling
customers, including units to support pallet, reach, counterbalance
trucks, and tow tractors, enabling a full-fleet conversion.
Important to FM Logistic, the GenDrive fuel cell solution produces
no harmful emissions and eliminates the costs associated with
handling and storing toxic materials. Plug Power's European
GenCare team will support the GenDrive-fleet.
"Plug Power continues to add new
customer names to our resume and we look forward to helping FM
Logistic continue to grow its business through the use of GenDrive
fuel cells," said Andy Marsh, CEO of Plug Power. "Our expanded
partnership with FM Logistics further strengthens our value
proposition that GenDrive applies not just for our core large
distribution center markets, but also in extending to smaller-size
distribution centers and to the European logistics
operations."
FM Logistic is an international logistics provider
operating in 13 countries including Russia, Brazil, China and India
with approximately 60 percent of its revenues coming from other
countries than France.
About Plug Power
Inc.
The architects of modern hydrogen and fuel cell technology, Plug
Power has revolutionized the industry with its simple GenKey
solution, elements of which are 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 service a customer.
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.
About FM
Logistic Group
Since its creation in 1967, FM Logistic has become one of the
international leaders in the fields of warehousing, transport and
packing. As an independent Group, it is recognised as being expert
in the consumer goods, distribution, perfume/cosmetics,
manufacturing and health markets. FM Logistic is present in Asia,
Eastern Europe, Central Europe, Western Europe and Latin America
with 20 000 staff members and over a billion euros in revenue.
As well as internationalisation, FM Logistic's
development is built on a strong policy of innovation and respect
for the environment. The Group pioneered the "pooling" concept
(shared transport and logistic resources), for which they received
numerous professional distinctions. As an eco-responsible company,
FM Logistic became a member of Green Freight Europe in 2014. The
aim of this programme is to improve the ecological performance of
goods transportation in Europe. In 2015, the Group created
CityLogin, the green solution to logistic requirements for the last
mile of delivery in major European cities.
Further information: www.fmlogistic.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 2016 objectives,
including goals relating to revenue, sales, booking, gross margin
and GenKey and GenFuel installations 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, 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, 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, 2015. 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.