Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen
engines and fueling solutions enabling e-mobility, has expanded its
CE-certified GenDrive product line with the addition of three new
fuel cell solutions designed for European industrial and material
handling vehicles. The new products include the GenDrive 1600-80H
CE for class-1 trucks up to 5 tons, GenDrive 3342-24 CE for class-3
trucks, as well as GenDrive 6100-48 CE for AGVs (automated guided
vehicles) and tow-tractors. All three products were developed,
engineered, tested, and released into production over the past
twelve months to support our growing customer set and applications
within the European market. Most notably, the 1600-80H includes
Plug Power’s ProGen metal stack technology.
“Plug Power leads customer adoption of hydrogen fuel cells in
material handling applications because we are the only company in
the world that offers a full turnkey solution with a full product
suite to convert every truck in the customer’s fleet,” said Andy
Marsh, CEO at Plug Power. “We proved this model in North America
and are continuing to fill out the product portfolio for our
growing European customer base, which requires certification to
European norms. We designed, built and certified not one but three
new products to meet these needs—and already have received customer
orders from leading auto-manufacturing brands.”
Developed by Plug Power’s global engineering team, the GenDrive
1600-80H CE, 6100-48 CE, 3210-24 CE and 3342-24 CE are drop-in
power solutions that offer a seamless replacement for batteries
used in existing material handling fleets. The three products are
manufactured in Plug Power's vertically integrated facilities and
are equipped with Plug Power's leading membrane electrode assembly
(MEA) technology. Although they are broadly similar to other
GenDrive solutions, all will carry new CE certification due to key
differences in product design and application.
Tow-tractors play an important role in the automotive industry,
where they are typically used in manufacturing plants to transport
vehicle parts between work cells located throughout the facility.
Plug Power offers the only fuel cell solution for this application
in Europe - key customers include BMW and Daimler. Currently, the
majority of tow-tractor fleets in auto-manufacturing applications
are battery-powered. However, fuel cells offer distinct advantages
for applications such as vehicle assembly, which demand consistent
power output, predictability in performance, and have high
asset-utilization. Batteries, for example, slow down over a shift
and must be recharged for extended periods of time each day—wasting
hundreds of hours of productivity each year and taking up valuable
floor space in the process. Depleted fuel cells, by contrast, can
be refueled in a matter of minutes before immediately resuming
normal operations and, even when low on fuel, never slow down like
depleted batteries.
Marsh continued, “Product development has always been a core
component of the Plug Power brand. Our customers are our closest
collaborators, and we’re constantly looking for ways to build
innovative solutions to the challenges they face. Given that Plug
Power is the only major provider of hydrogen fuel cells in the
European material handling market, we’re excited to be introducing
new GenDrive fuel cell products to our customers in that part of
the world.”
About Plug Power
Plug 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 technology. As a result, the Company has
deployed over 35,000 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.
Plug Power 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., including but not limited to statements about our
expectations regarding the effects of the acquisitions on our
company, including our 2020 full-year revenue target and 2024
financial targets; capabilities in hydrogen generation,
liquefaction and logistics; moving the hydrogen economy from
low-carbon to zero-carbon solutions; reduction in the cost of
hydrogen; the amount of hydrogen used by our customers by 2024; the
amount of hydrogen that is green by 2024; expansion of United
Hydrogen’s hydrogen production capacity; and Giner ELX increasing
our overall green hydrogen supply capabilities and growing our
servable addressable market. 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[2], 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 of dilution to our stockholders and/or
stock price should we need to raise additional capital; 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 may 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, or the delay or
inability of payment by one of our 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 our convertible
senior notes, if settled in cash, could have a material effect on
our financial results; the risk that our convertible note hedges
may affect the value of our convertible senior notes and 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;
our ability to attract and maintain key personnel; the risks
related to use of flammable fuels in our products; the cost and
timing of developing, marketing and selling our products; our
ability to obtain financing arrangements to support the sale or
leasing of our products and services to customers; the ability to
achieve the forecasted gross margin on the sale of our products;
the risks, liabilities and costs related to environmental, health
and safety matters; the risk of elimination of government subsidies
and economic incentives for alternative energy products; the cost
and availability of fuel and fueling infrastructures for our
products; market acceptance of our products and services, 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; general global economic and political conditions that
harm the worldwide economy, disrupt our supply chain, increase
material costs or reduce demand for our component products
(including changes in the level of gross domestic product in
various regions of the world, natural disasters, terrorist act,
global conflicts and public health crises such as the coronavirus);
the risk that possible new tariffs could have a material adverse
effect on our business; 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 market, distribute and service our products and
services internationally; our ability to improve system reliability
for our products; competitive factors, such as price competition
and competition from other traditional and alternative energy
companies; our ability to protect our intellectual property; the
risk of dependency on information technology on our operations and
the failure of such technology; the cost of complying with current
and future federal, state and international governmental
regulations; our subjectivity to legal proceedings and legal
compliance; the risks associated with past and potential future
acquisitions; the volatility of our stock price; 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 us, see
disclosures contained in our public filings with the SEC including,
the "Risk Factors" section of our Annual Report on Form 10-K for
the year ended December 31, 2019, Quarterly Report on Form 10-Q for
the quarter ended March 31, 2020 as well as any amendment or update
to our risk factors reflected in subsequent filings with the SEC.
You should consider these factors in evaluating the forward-looking
statements included in this press release and not place undue
reliance on such statements. The forward-looking statements are
made as of the date hereof, and we undertake no obligation to
update such statements as a result of new information.
SOURCE: PLUG POWER
Media Contact Ian MartoranaThe Bulleit
Group(415) 237-3681plugpowerpr@bulleitgroup.com
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