Plug Power Selected by ENGIE to Deliver Refueling System for World’s Largest Hydrogen-Powered Mine Truck
December 03 2019 - 7:00AM
Plug Power Inc.(NASDAQ: PLUG), a leading provider of hydrogen
engines and fueling solutions enabling e-mobility, today announced
that it has been selected to provide a custom refueling system for
the world’s largest hydrogen-powered mine haul truck, which is set
to begin operation next year. Plug Power was chosen for the project
by ENGIE, a global energy and services leader in energy transition.
The project has emerged from a global partnership agreement between
the two companies that was announced in September of this year and
is the latest example of Plug Power’s continuing innovation in
clean hydrogen solutions.
ENGIE is working with Anglo American, a global
mining company, to develop a renewable hydrogen production and
refueling solution to support a new hydrogen-powered mine haul
vehicle that will be tested at one of its South African platinum
mines.
To support the refueling project, Plug Power has
been tasked with building a full compression, storage, and
dispensing system to service the new hydrogen-powered vehicle. Plug
Power’s system will be the first of its kind, and the largest
refueling system built by the Company to-date, with an expected
output of 1,000 kg per day.
“The incredible scope of this project reaffirms not
only Plug Power’s commitment to facilitating the global adoption of
hydrogen as a clean energy source, but also our position as the
world leader in hydrogen refueling,” said Andy Marsh, CEO of Plug
Power. “Our partnership with ENGIE is opening the door to exciting
new opportunities outside of both the U.S., and the material
handling market where we have continuously demonstrated our
expertise.”
The first fueling of the new hydrogen truck is
currently slated for the second half of 2020 and will be followed
by a rigorous testing and validation program at a mine in South
Africa. Once the program has been successfully completed,
additional truck deployments are expected to follow across Anglo
American’s other mining operations around the world.
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 Statement This
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, 2018. 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 ContactIan MartoranaThe
Bulleit Group(415) 237-3681plugpower@bulleitgroup.com
SOURCE: PLUG POWER
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