Plug Power Announces Master Sales Agreement With Large Footwear Manufacturer for GenKey Hydrogen Fuel Cell Solution
May 27 2015 - 7:00AM
Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy solutions announces a master sales agreement (MSA)
with a large footwear manufacturer in North America, that outlines
purchase terms and defines site-specific agreements for deployment
of Plug Power's GenKey hydrogen and fuel cell solution.
The footwear manufacturer has completed a successful
demonstration at one of its distribution centers. By signing the
MSA, corporate management at the footwear manufacturer has defined
the first three sites where Plug Power's GenKey hydrogen and fuel
cell solution will be implemented and is analyzing wide adoption of
the technology in its 30 sites globally. GenKey enables seamless
implementation of hydrogen fuel cells by material handling
customers, combining GenDrive fuel cells, GenCare aftermarket
service and GenFuel hydrogen molecule, storage and dispensing
infrastructure.
"Plug Power continues to grow our customer base with important
partnerships and meaningful relationships," said Andy Marsh, CEO at
Plug Power. "We've proven the value of our solutions to repeat
customers like Walmart, Kroger and BMW, and we intend to do the
same with this new GenKey customer."
GenKey opens the door to more sustainable, environmentally
friendly operations. Hydrogen is a zero-emissions fuel, enabling
fuel cell systems to produce only heat and water as byproducts.
Adoption of hydrogen fuel cells helps customers eliminate
greenhouse gas emissions and reduce their carbon footprint.
"Plug Power understands that the GenKey solution is impactful to
customers who are moving their organizations toward more
sustainable power options," continues Marsh. "Our hydrogen and fuel
cell services enable customers to implement an efficient green
power solution for their lift trucks that addresses a key issue for
this new customer. We're confident they will see positive results
in their environmental impact, as well as their bottom line."
Join the Plug POWERTrip
Today, Plug Power will host guests at the San Francisco
Merchants Exchange Club for presentations delivered by CEO Andy
Marsh and Vice President of Strategy John Cococcia. Marsh and
Cococcia will discuss Plug Power's expansion opportunities in
markets including stationary, ground support equipment and
transportation refrigeration. Cococcia will outline why hydrogen is
a critical enabler for these expansion opportunities, as well as
others long term.
Date: Wednesday, May 27,
2015 |
Time: 1:00 pm ET / 10:00 am
PT |
Location: Merchants Exchange
Club – 75 Leidesdorff Street, San Francisco, CA |
Toll-free: 877.465.1289 |
In conjunction with the meeting, the Company will host a live
webcast of the audio and presentation slides. The webcast can be
joined by going directly to the Plug Power website and selecting
the meeting link on the home page, or directly at
http://www.plugpowertrip.com. The webcast will be available online
for a period of time following the meeting.
About Plug Power Inc.
The powerhouse in hydrogen fuel cell technology, Plug Power is
revolutionizing the industry with cost-effective solutions that
increase productivity, lower operating costs and reduce carbon
footprint. Its signature solution, GenKey, provides an
all-inclusive package for customers, incorporating GenFuel hydrogen
and fueling infrastructure, GenCare aftermarket service and either
GenDrive or ReliOn fuel cell systems. GenDrive, a lead-acid battery
replacement, is used in electric lift trucks in high-throughput
material handling applications. With more than 6,500 GenDrive units
deployed with material handling customers, GenDrive has been proven
reliable with over 100 million hours of runtime. Plug Power
manufactures tomorrow's incumbent power solutions today, so
customers can POWERAhead. Additional information about the Plug
Power brands is available at www.plugpower.com.
Plug Power Inc. 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
forecast of financial performance, order bookings, business model,
strategy and growth opportunities. 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 at, 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, ReliOn 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, ReliOn 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. For additional disclosure regarding these and other
risks faced by PLUG, see disclosures contained in PLUG's public
filings with the Securities and Exchange Commission (the "SEC")
including, the "Risk Factors" section of PLUG's Annual Report on
Form 10-K for the year ended December 31, 2014. 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.
CONTACT: Plug Power Media Contact
Teal Vivacqua
518.738.0269
media@plugpower.com
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