Plug Power and Alpine F1 Team Connect for Unique Collaboration
March 26 2021 - 7:00AM
Plug Power Inc. (NASDAQ: PLUG), a
leading provider of turnkey hydrogen solutions building the global
green hydrogen economy, and Alpine F1 Team are delighted to
announce a new partnership in Formula One. The Plug Power logos
will be present on the Alpine F1 Team’s A521 cars and team
racewear.
The Alpine F1 collaboration will be a complement
to the Joint Venture under preparation for Renault Group and Plug
Power to explore opportunities for hydrogen solutions in on-road
vehicles as part of its commitment to sustainable mobility. In
January 2021, the Renault Group and Plug Power announced the
signature of a memorandum of understanding with the Renault Group
to jointly develop the hydrogen powertrain for light commercial
vehicles in Europe, targeting 30% share of market, in line with
Groupe Renault CEO Luca de Meo’s strategic vision detailed in
Renaulution in January.
Laurent Rossi, Chief Executive Officer,
Alpine: “We are delighted to partner with Plug Power
across multiple activities, in motorsport and roadcars, to explore
different mobility solutions. Renault Group is committed to
developing sustainable technology that will create minimal impact
on the environment while being open to all road-users. Hydrogen
fuel cells are an innovation that is well worth further
investigation and Plug Power are the market leader. We look forward
to working with them.”
Andy Marsh, Chief Executive Officer,
Plug Power: “The breadth of opportunities for hydrogen
fuel cell-powered hybrid electric vehicles is endless. Plug Power
is encouraged to work on filling the need for sustainable solutions
for activities in motorsport, on-road vehicles, and beyond.”
Plug Power is a global company engaged in the
development of green hydrogen and fuel cell systems dedicated to
electric vehicles. It has extended its reach into the on-road
electric vehicle market, with its ProGen platform of modular fuel
cell engines empowering 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.
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 40,000 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. Learn more at www.plugpower.com.
Forward-Looking Statements
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 its multi-year
investment and growth , PLUG’s clean hydrogen technology and fuel
cell solutions playing a critical role in achieving climate and
decarbonization goals, deepening of relationships with key
stakeholders, and acceleration of demand and adoption of hydrogen
technology . 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. For a further description of the
risks and uncertainties that could cause actual results to differ
from those expressed in these forward-looking statements, as well
as risks relating to the business of PLUG in general, see PLUG’s
public filings with the Securities and Exchange Commission,
including the “Risk Factors” section of PLUG’s Annual Report on
Form 10-K for the year ended December 31, 2019 and Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2020, June
30, 2020 and September 30, 2020. Readers are cautioned not to place
undue reliance on these forward-looking 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 Contact
Ian Martorana
The Bulleit Group
(415) 237-3681
plugpowerpr@bulleitgroup.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e9719f3c-3dd8-462e-8943-9f55b31d5ca9.
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