Plug Power Brings Hydrogen Fuel Cells to Leading UK Supermarket Retailer Asda
August 03 2020 - 7:00AM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of zero emission
hydrogen engines and fueling solutions enabling e-mobility, is
providing UK-based supermarket Asda with hydrogen fuel cell
solutions to power the lift truck fleet within the retail giant’s
extensive supply chain network.
Asda’s partnership with Plug Power includes a purchase order
agreement for Plug Power’s full-service GenKey solution, beginning
at the UK facility in Skelmersdale. The turnkey solution includes
fuel cells, hydrogen fueling equipment, hydrogen and service. This
new customer continues Plug Power’s growth in Europe and represents
the first deployment at scale of hydrogen fuel cell technology for
material handling within the United Kingdom. The effort reduces
Asda’s reliance on traditional lead acid batteries for power in
their material handling fleet and is part of a broader initiative
designed to make the company’s operations more
environmentally-friendly.
“Each new opportunity to expand the adoption of hydrogen fuel
cells is an important step to building the hydrogen economy,” said
Andy Marsh, CEO of Plug Power. “We’re especially excited to be
partnering with an organization like Asda, which has such a proud
heritage and sterling reputation. Their focus on making their
organization more environmentally-friendly makes Asda an ideal
partner, and we’re optimistic that this deployment is just the
start of a long and fruitful relationship.”
Founded in 1949, Asda currently ranks as the UK’s third-largest
supermarket retailer with a market share of over 15 percent, and
annual revenues of more than £20 billion. Asda is a wholly-owned
subsidiary of the multinational retailer Walmart Inc., which itself
is a longtime Plug Power customer and a global leader in fuel cell
adoption and commercialization in the supply chain and logistics
market. Like its parent company, Asda maintains sole control over
the entirety of its logistics network, which includes more than 30
distribution centers staffed by more than 12,000 employees across
the UK. Part of Walmart, Asda is committed to meeting its target to
remove 1 billion tonnes of emissions globally as part
of Project Gigaton with 179 Asda suppliers having already
signed up to this commitment, saving a significant 29 Million
Metric Tonnes of emissions.
“Asda is dedicated to being the world’s Most Trusted Retailer,
and sustainability is a big part of that,” said Darren Pettener,
General Manager of the Asda Skelmersdale Distribution Center.
“We’ve seen firsthand what a difference hydrogen fuel cell adoption
has made for our parent company. There are good reasons why
Walmart, which has been a leader in supply chain innovation for
decades, has chosen to build the largest fleet of hydrogen fuel
cell-powered electric vehicles in the world. We’re eager to realize
the proven environmental and productivity benefits of fuel cell
adoption in our operations at Asda."
Plug Power’s GenKey solution brings multiple benefits to Asda’s
supply chain network. Fuel cell powered logistics equipment enables
distribution centers to achieve substantial productivity gains and
higher material velocity by eliminating the downtime required for
battery charging and changing. In addition, the fuel cell solution
frees up valuable floor space by removing the need for multiple
batteries per truck, and replacing bulky battery charging and
changing stations with a compact hydrogen fuel dispenser. The
full-service GenKey package allows customers to quickly capture all
of these benefits, providing full integration and deployment of the
Plug Power’s fuel cell engines, hydrogen fuel solutions, and
support.
About Plug PowerPlug Power is building the
hydrogen economy as the leading provider of comprehensive hydrogen
fuel cell turnkey solutions. The company’s innovative technology
powers electric motors with hydrogen fuel cells amid an ongoing
paradigm shift in the power, energy, and transportation industries
to address climate change and energy security, while meeting
sustainability goals.
Plug Power created the first commercially viable market for
hydrogen fuel cell (HFC) technology. As a result, the company has
deployed over 32,000 fuel cell systems for e-mobility, more than
anyone else in the world, and has become the largest buyer of
liquid hydrogen, having built and operated a hydrogen highway
across North America. Plug Power delivers a significant value
proposition to end-customers, including meaningful environmental
benefits, efficiency gains, fast fueling, and lower operational
costs.
Plug Power’s vertically-integrated GenKey solution ties together
all critical elements to power, fuel, and provide service to
customers such as Amazon, BMW, The Southern Company, Carrefour, and
Walmart. The company is now leveraging its know-how, modular
product architecture and foundational customers to rapidly expand
into other key markets including zero-emission on-road vehicles,
robotics, and data centers.
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
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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, 2019. 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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