Plug Power Announces New European Deal with Asko and Toyota Material Handling
October 31 2017 - 7:10AM
Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy
solutions that change the way the world moves, announced a new
agreement with Toyota Material Handling Norway (Toyota) to
provide hydrogen fuel cells to Asko, a leading Norwegian grocery
wholesaler. Asko will use GenDrive fuel cells to power its
industrial electric forklift fleet in Trondheim, Norway. The
fleet will be deployed in the fourth quarter of 2017.
The agreement enables GenDrive fuel cell units to be
incorporated into Asko’s Trondheim distribution center,
with the possibility to convert the full 95-truck fleet to
fuel cell power. Green hydrogen will be produced on site via
electrolysis technology provided by NEL ASA, which produces
electricity from solar panels. The Trondheim facility is a
pilot project, and forecasts expansion potential to additional
opportunities, including Asko’s 13 regional warehouses.
“Plug Power’s proven performance in Europe has attracted leading
partners, like Toyota, NEL ASA and Asko, as we expand our European
fuel cell presence into Norway,” said Andy Marsh, Plug Power’s
CEO. “In Europe, the value proposition remains the same –
industrial electric vehicle users constantly seek productivity
enhancing solutions that positively impact the bottom line. Plug
Power’s GenDrive solution does this.”
The world is rapidly moving toward the electrification of
mobility, and Plug Power is focused on solutions that provide true
economic benefits combined with a drive towards a renewable future.
Asko is committed to environmental sustainability, with goals of 20
percent energy consumption reduction and 100 percent renewable fuel
by 2020.
Plug Power, Asko and Toyota are presenting the GenDrive class 3
hydrogen fuel cell solution at the Zero Emission conference
scheduled in Oslo from October 31 to November 1, 2017. The
Zero Emission Conference is one of the largest and longest running
climate solutions conferences in Europe, drawing around 1,200
participants from businesses, academia, media, politics, NGOs,
government and civil society at large. Attendees may discuss
the hydrogen fuel cell solution at Toyota’s Material Handling
Norway’s booth number 27.
About Plug Power
Inc.
The architect of modern hydrogen and fuel cell technology, Plug
Power is the innovator that has taken hydrogen and fuel cell
technology from concept to commercialization. Plug Power has
revolutionized the material handling industry with its full-service
GenKey solution, which is designed to increase productivity, lower
operating costs and reduce carbon footprints in a reliable,
cost-effective way. The Company’s GenKey solution couples together
all the necessary elements to power, fuel and serve a customer.
With proven hydrogen and fuel cell products, Plug Power replaces
lead acid batteries to power electric industrial vehicles, such as
the lift trucks customers use in their distribution
centers.
Extending its reach into the on-road electric vehicle market,
Plug Power’s ProGen platform of modular fuel cell engines empowers
OEMs and system integrators to rapidly adopt hydrogen fuel cell
technology. ProGen engines are proven today, with thousands in
service, supporting some of the most rugged operations in the
world. Plug Power is the partner that customers trust to take their
businesses into the future. www.plugpower.com.
About TMH Norway Toyota Material Handling
Norway AS (TMHNO) is the leading company in Material Handling
Equipment. TMHNO is a complete supplier with the leading forklifts
brands TOYOTA and BT. We design and deliver automated solutions,
logistic solutions, fleet management systems and stock structure.
TMHNO is a part of the TOYOTA company, and the Norwegian HQ is
located in Trondheim. With over 180 technicians and local sales
representatives primarily managing sales, service, parts and
training, Toyota’s commitment is to always will be close to the
customer. At TMHNO we employ over 320 people, we have a solid
economical position in the Material Handling Industry and a
turnover of around MNOK 1000.
About ASKOAsko undertakes 17,000 weekly
deliveries to grocery stores, retail outlets and institutions. With
over 17,000 customers and 3,300 employees, ASKO is also Norway’s
largest wholesaler. ASKO handles the entire goods flow from
producer to final customer, with 600 lorries on the road on a daily
basis.
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, 2016. 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
ContactTeal Vivacquamedia@plugpower.com
Plug Power Investor Relations
ContactJohn Cococciainvestorrelations@plugpower.com
SOURCE: PLUG POWER, INC.
Plug Power (NASDAQ:PLUG)
Historical Stock Chart
From Aug 2024 to Sep 2024
Plug Power (NASDAQ:PLUG)
Historical Stock Chart
From Sep 2023 to Sep 2024