Plug Power (NASDAQ:PLUG)
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1 Year : From May 2018 to May 2019
Plug Power Inc. (NASDAQ: PLUG), a leader in providing energy solutions that change the way the world moves, in partnership with Rensselaer Polytechnic Institute (RPI) Center for Automation Technologies & Systems (CATS) and the U.S. Department of Energy’s (DOE’s) National Renewable Energy Laboratory (NREL), is innovating in the space of robotics and automation, specifically with a first-of-its-kind robotic hydrogen fueling technology for motive power applications. The immediate goal of the robotic fueling station is to increase the ease and efficiency of fueling hydrogen-powered vehicles in warehouse settings, where every second amounts to more than $1,000 in annual cost impact for medium to large sites.
The Plug Power and RPI CATS teams completed a pilot feasibility study for the robotic fueling station, which demonstrated the ability of the system to independently interconnect the fuel cell to the fueling station without human intervention. Alongside Plug Power’s engineering team, RPI CATS students developed the technology for the robotic fueling station pilot study, including the computer vision, sensors, robotic manipulation of the fueling nozzle, and remote controlling mechanisms.
“Today, the technology can retrofit existing GenFuel sites supporting the more than 20,000 GenDrive fuel cells in the field,” said Dustan Skidmore, Vice President of Engineering for Plug Power. “In the future, the technology can be used in on-road fleet vehicles, autonomous guided vehicles (AGVs), and self-driving passenger cars.”
“The Plug Power partnership is a great success story for RPI CATS, as we look to develop projects that will become an important part of the business’ long-term strategy,” said Stephen Rock, PhD, senior research scientist at RPI. “Our students gain real-world exposure to companies that they would not otherwise get in the classroom, and get to work on cutting-edge technologies. We’re proud of our program and believe that it is essential to the growth of New York State’s technology leadership position in the U.S. and worldwide.”
The research and development team will use a $2 million grant recently awarded by the DOE Office of Energy Efficiency and Renewable Energy (EERE) to develop a commercially viable autonomous hydrogen fueling station, with additional technology development including data exchange, interconnection interfaces, and robotic equipment that meets the safety standards of commercial deployment in unstructured environments. NREL will leverage research experience in hydrogen station performance evaluation and component and system reliability to conduct preliminary testing for on-road fueling. The learnings from this work will then be used to develop a demonstration on-road dispenser.
“We’re thrilled with the outcome of the RPI CATS team’s work on this successful pilot project, and look forward to continued collaboration with both CATS and NREL,” said Andy Marsh, CEO of Plug Power. “We view our partnership with RPI an important investment in the future of the region, giving students the real-world experience they need to make New York State a corridor for hydrogen and clean-energy technology now, and in the decades to come.”
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.
About Rensselaer Polytechnic Institute Rensselaer Polytechnic Institute, founded in 1824, is America’s first technological research university. For nearly 200 years, Rensselaer has been defining the scientific and technological advances of our world. Rensselaer faculty and alumni represent 86 members of the National Academy of Engineering, 18 members of the National Academy of Sciences, 25 members of the American Academy of Arts and Sciences, 8 members of the National Academy of Medicine, 8 members of the National Academy of Inventors, and 5 members of the National Inventors Hall of Fame, as well as 6 National Medal of Technology winners, 5 National Medal of Science winners, and a Nobel Prize winner in Physics. With 7,000 students and nearly 100,000 living alumni, Rensselaer is addressing the global challenges facing the 21st century—to change lives, to advance society, and to change the world. To learn more, go to www.rpi.edu.
Plug Power 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 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, 2017. 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.
Plug Power Investor and Media ContactTeal Vivacquaplugpower@pluckpr.com
SOURCE: PLUG POWER