Plug Power Secures Carrefour Group as Retail GenDrive Fuel Cell Customer in France
July 19 2016 - 7:00AM
Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy
solutions that change the way the world moves, announces The
Carrefour Group as a new GenDrive fuel cell customer in Europe. The
retailer will purchase more than 150 GenDrive units, to be
deployed in STILL-brand class-2 and class-3 electric lift
trucks at Carrefour’s brand new distribution center located in
Vendin-lès-Béthune, France.
Headquartered just outside Paris, The Carrefour
Group is the leading retailer in Europe and the second-largest
retailer in the world, employing more than 380,000 people. With
more than 12,300 stores in 30 countries, it generated total
revenues of €104.4 billion in 2015. Securing Carrefour as a
GenDrive customer is a significant milestone for Plug Power in
building its business in Europe, and provides critical validation
for hydrogen and fuel cells throughout the continent.
The agreement is part of a significant roll out
of Plug Power’s GenDrive fuel cell solution in European countries,
where many firms are seeking new technologies that can deliver
higher productivity and better environmental sustainability. This
supports Carrefour’s commitments to responsible retailing,
including reducing energy consumption by 30 percent and greenhouse
gas emissions by 40 percent by 2025.
In new facilities, like Carrefour’s Vendin
distribution center, the use of hydrogen allows companies to avoid
the high costs of building a battery room and related upgrades to
electrical infrastructure, and instead apply that budget to more
cost-effective hydrogen infrastructure. Carrefour’s hydrogen
infrastructure will be completed in the coming months enabling the
project to be commissioned in late 2016.
Plug Power’s GenDrive fuel cell solution
displaces lead-acid batteries in electric lift trucks and enables
customers to increase the productivity of their operations, while
reducing operational costs. Plug Power’s product line
of CE-certified GenDrive units are available today for use in
European material handling customers.
“It is clear to Plug Power that Carrefour is
committed to innovation and looking for ways to operate responsibly
and improve working conditions for employees and stakeholders,”
said Andy Marsh, CEO of Plug Power. “Plug Power understands why
Carrefour found our GenDrive fuel cell solutions in line with its
philosophy to adopt clean energy in its daily operations and we
look forward to helping this new customer grow its
businesses.”
This project will receive funding from Fuel
Cells and Hydrogen Joint Undertaking emanating from the European
Union.
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 Carrefour As a
multi-local, multi-format, and omni-channel retailer, Carrefour
employs more than 380,000 people worldwide. With 12,100 stores in
more than 30 countries, the group generated revenues of €104.4
billion under banners in 2015. Carrefour is a partner for daily
life. Every day, it welcomes more than 13 million customers around
the world. Carrefour is committed through its actions to
sustainable and responsible trade. The Group's Corporate Social
Responsibility worldwide approach is built on three pillars:
fighting against waste in all its forms, protecting biodiversity
and working alongside the company's partners.For more information:
www.carrefour.com, @CarrefourGroup on Twitter
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
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.
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