Plug Power (NASDAQ:PLUG)
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Plug Power Inc. (NASDAQ: PLUG), a leading provider of energy solutions that change the way the world moves, today elaborates on its participation in the Hydrogen Council’s 3rd Annual CEO Event, this year entitled The Global Hydrogen Leaders Forum, at the 2018 Global Climate Action Summit in San Francisco. Today, Plug Power CEO Andy Marsh will speak alongside fellow CEO representatives of the Hydrogen Council, covering how hydrogen can address future energy challenges, as well as reviewing the progress the industry has made over the past year.
As a CEO-led initiative, the Hydrogen Council is committed and dedicated to a clean energy transition. With this forum, the Council and participating CEOs will look to technology sectors to explore how hydrogen can help decarbonize developing areas of industry. Throughout the forum, policymakers, investors, and influential organizations and associations can collaborate, share, and look toward the future as all parties involved come together to further solidify the United States as a key market for hydrogen deployment.
To mark its presence at the heart of tech innovation in California, the Hydrogen Council has also launched a new discussion paper – Hydrogen Meets Digital – to investigate four exemplary applications that can particularly benefit from hydrogen. Developed with analytical support from McKinsey, it demonstrates how hydrogen and digital technologies can work hand-in-hand to drive our energy transition.
Mr. Marsh looks forward to presenting the strides Plug Power has made to move toward a cleaner future, including growing the number of hydrogen fuel cell powered electric vehicles in the field to over 21,000 units with over 180 million operating hours, and 14 million fuelings on Plug Power designed hydrogen fueling stations. His presentation ladders up to the goals the Council has set forth to not just have meaningful dialogue but act on these conversations to bring its hydrogen objectives to reality.
“Today, Plug Power customers are displaying real-world scenarios where hydrogen and fuel cells are creating lasting business value while cementing a sustainable means of operating,” said Andy Marsh, CEO for Plug Power. “Hydrogen fuel cells provide an energy dense solution for rising energy consumption, and we believe they will play a critical role in transforming the energy landscape of our world at a mass level.”
According to Hydrogen Meets Digital, by 2030, hydrogen technologies could power up to 1.5 million autonomous taxis, 700,000 autonomous shuttles, 8,000 vertical take-off and landing taxis (VTOLs), 3.6 million delivery trucks and provide up to 1 TWh of backup power for data centers. As a result, this digital future could grow the world’s hydrogen market, in addition to the applications highlighted in the Hydrogen Council Report Scaling Up, by another 7 million tons of annual hydrogen demand and the use of 6.4 million fuel cells by 2030.
"Hydrogen will play a major role in the energy transition, but it is also key to power the digital revolution. We invite tech leaders to consider hydrogen solutions for digital applications. Together, we can deliver concrete solutions while ensuring a sustainable future," said Benoit Potier, CEO and Chairman of Air Liquide and Co-chair of the Hydrogen Council.
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. Learn more at 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, 2017. 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.
SOURCE: PLUG POWER
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