November 17, 2016 – Plug Power Inc. (NASDAQ:PLUG), a leader in
providing energy solutions that change the way the world moves,
highlights that it has been named to Deloitte’s 2016 Technology
Fast 500™, a listing of the 500 fastest growing technology, media,
telecommunications, life sciences and energy tech companies in
North America. The Deloitte Technology Fast 500 is based on
percentage of revenue growth from fiscal year 2012 to 2015, and
Plug Power grew by 296 percent during this period.
Plug Power’s chief executive officer, Andy
Marsh, credited rapid adoption of the Company’s streamlined GenKey
hydrogen fueling station and fuel cell solutions for industrial
mobility customers to ongoing technological advancements that
continue to reduce costs, improve performance and increase
reliability. These developments, coupled with Plug Power’s
ability to provide a turnkey solution to a growing number of
customers has enabled the Company’s most recent growth.
“The reality of hydrogen fuel cell power for
electric vehicles is inevitable,” said Marsh. “We have a clear goal
to continue this industry-leading growth in a profitable and
sustainable fashion, targeting $500 million in sales within the
next four to five years, and believe we have the markets, customers
and products to make that goal a reality. We are both pleased and
honored to be included in the Deloitte 2016 Technology Fast
500."
Plug Power’s GenKey solutions power more
electric vehicles with hydrogen fuel cells than any other company
in the world. Today, the Company has the unmatched experience
of more than 13,000 GenDrive fuel cell systems operating in
industrial vehicles with Fortune 500 companies like Walmart, Home
Depot and BMW. Plug Power’s performance, knowledge, and experience
are second to none with more than 122 million operating hours in
the field, and growing. Additionally, since the product’s launch in
2014, Plug Power’s GenFuel hydrogen fueling stations have performed
nearly 4 million electric vehicle refuelings.
“Plug Power’s proven results, leadership,
ingenuity, and long-term vision solidifies its game-changing
solutions as critical components of our future energy landscape,”
continued Marsh. “This starts with a concerted effort to improve
hydrogen availability through production and infrastructure,
continuing with Plug Power’s ability to expand fuel cell solutions
globally into a growing set of electric fleet vehicles.”
“Today, when every organization can be a tech
company, the most effective businesses not only foster the courage
to explore change, but also encourage creativity in using and
applying existing assets in new ways, as resourcefully as
possible,” said Sandra Shirai, principal, Deloitte Consulting LLP
and U.S. technology, media and telecommunications industry leader.
“This ingenious approach to innovation calls for the encouragement
of curiosity and collaboration both within and outside the office
walls.”
“This year’s Fast 500 winners showcase that when
organizations are open to diverse perspectives and insights, they
are able to create an environment for their employees and customers
to see the possibilities and ingenious solutions that might lie
ahead,” added Jim Atwell, national managing partner of the emerging
growth company practice, Deloitte & Touche LLP.
“Entrepreneurial environments foster change and innovation within
businesses, and we look forward to watching these companies
continue to drive change across all sectors.”
Plug Power was previously named to Deloitte’s
Technology Fast 500™ list in 2015. Overall, 2016 Technology Fast
500™ companies achieved revenue growth ranging from 121 percent to
66,661 percent from 2012 to 2015, with median growth of 290
percent.
About Deloitte’s 2016 Technology Fast 500™
Deloitte’s Technology Fast 500 provides a ranking of the fastest
growing technology, media, telecommunications, life sciences and
energy tech companies – both public and private – in North America.
Technology Fast 500 award winners are selected based on percentage
fiscal year revenue growth from 2012 to 2015.
In order to be eligible for Technology Fast 500 recognition,
companies must own proprietary intellectual property or technology
that is sold to customers in products that contribute to a majority
of the Company's operating revenues. Companies must have base-year
operating revenues of at least $50,000 USD, and current-year
operating revenues of at least $5 million USD. Additionally,
companies must be in business for a minimum of four years and be
headquartered within North America.
As used in this document, “Deloitte” means Deloitte LLP and its
subsidiaries. Please see www.deloitte.com/us/about for a detailed
description of the legal structure of Deloitte LLP and its
subsidiaries. Certain services may not be available to attest
clients under the rules and regulations of public accounting.
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 serve 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.
Media and Investor Relations Contact:
Teal Vivacqua
Plug Power Inc.
Phone: 518.738.0269
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