Plug Power and Mitsubishi Nichiyu Show Fuel Cell Powered Forklift at Logis Tech Tokyo
September 14 2016 - 7:00AM
Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy
solutions that change the way the world moves, announces that
Mitsubishi Nichiyu Forklift is displaying one of the company’s
GenDrive fuel cell systems in its industrial trucks at Logis Tech
Tokyo – the culmination of a year of product evaluation and
engineering collaboration work by both companies.
Mitsubishi Nichiyu will show the Plug Power
GenDrive Model 1600 fuel cell in its own class 1 electric forklift
truck. The company has been testing the fuel-cell powered forklift
truck in Kyoto since June 2016. The products will be on display in
stand #6-607 at the Logis Tech Tokyo event, which takes place Sept.
13-16 in the Big Sight convention center. More than 60,000
logistics industry professionals are expected to attend Logis Tech,
which is billed as Japan's largest exhibition for material handling
and logistics.
Mitsubishi Nichiyu is one of the top 10
industrial forklift manufacturers in the world, according to Modern
Material Handling Magazine. The company was formed from the merger
of Nippon Yusoki Co. Ltd and the forklift division of Mitsubishi
Heavy Industries Ltd. in 2012. The merger of these two companies
brings about a synergy that has made Mitsubishi Nichiyu Forklift a
top global company, offering a full lineup of electric and
fuel-powered forklift trucks and automatic guided vehicles.
Plug Power’s GenDrive fuel cells are the
industry-leading solution for global industrial mobility
applications with more than 121 million hours of run time in many
of the largest and most demanding material handling centers in the
world. When compared to lead acid batteries, GenDrive fuel cells
increase productivity because they can be refueled in two minutes
compared to 15 minutes for a battery swap and they experience no
power drop in cold weather or when fuel is low. In addition to
these productivity gains, GenDrive fuel cells require no battery
room and don’t emit any hazardous gases like lead acid batteries.
Companies throughout the world, including Walmart, Carrefour, FedEx
and others, depend on GenDrive fuel cells.
“Mitsubishi Nichiyu’s decision to promote
hydrogen and fuel cell solutions at Japan’s premier logistics event
is a high profile way to take our collaboration to the next level,”
said Andy Marsh, CEO of Plug Power. “We’ve made significant
advances over the last 12 months and I look forward to working with
Mitsubishi Nichiyu to take this joint solution to the
marketplace.”
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.
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
expectations regarding growth in Europe, revenue, growth with
GenKey customers and its project financing platform. 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, 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
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