Plug Power (NASDAQ:PLUG)
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1 Year : From May 2018 to May 2019
Leveraging its acquisition of American Fuel Cell, the new ProGen metal plate stack provides twice as much power density and a longer lifecycle for on-road applications
Plug Power Inc. (NASDAQ: PLUG), a leading provider of energy solutions that change the way the world moves, today announced the production of its membrane electrode assemblies (MEAs). Leveraging the expertise gained through its acquisition of American Fuel Cell (AFC) technology in June 2018, Plug Power’s proprietary MEA is a key component of the newly designed ProGen metal plate stack. The new stack provides Plug Power with a competitive edge, doubling the power density of its graphite plate stack and extending the life cycle for on-road applications. With this new stack, Plug Power continues its commitment to fuel cell innovation and its goal of accelerating the adoption of zero emission hydrogen fuel cell electric vehicles (HFCVs) through powerful technologies.
Hydrogen fuel cells are the cleanest alternative energy solution available today, with heat and water as the only byproducts. For businesses dependent on the usability and range of delivery vehicles, HFCVs provide markedly improved uptime, offering a sustainable alternative to the lengthy charge times and range anxiety associated with battery-powered electric vehicles (BEVs). With the new ProGen metal plate stack, Plug Power is introducing a robust alternative energy solution that lasts longer and more than doubles standard BEV range, keeping high utilization fleet vehicles on the road longer.
“It’s no secret that fuel cell adoption is on the rise. Earlier this year KPMG stated that hydrogen fuel cell electric vehicles have replaced battery-powered electric vehicles as the number one trend until 2025,” said Andy Marsh, CEO, Plug Power. “With this increase in popularity, it’s critical that we’re prepared to address the growing needs of today’s customers as well as those on the horizon. Thanks to the recent expansion of our facilities in Rochester and Clifton Park, NY, Plug Power has the infrastructure required to ramp up production of our new ProGen metal plate stack, ensuring we’re meeting the demands of this rapidly expanding industry.”
A core component of the ProGen metal plate stack, Plug Power developed an ink, catalyst, and material formula for its MEA technology that improves efficiency and enhances durability. Plug Power began manufacturing MEAs in the third quarter of 2018 from Rochester, NY leveraging existing expertise and infrastructure in fuel cell technology as well as thin film coating and roll-to-roll manufacturing.
“Technology innovation is paramount to the success of hydrogen fuel cell adoption, and Plug Power has an established reputation as the industry’s leader,” said Keith Schmid, COO, Plug Power. “By quickly onboarding the AFC team, we’ve been able to merge their specialized skill sets in MEAs and on-road applications with Plug Power’s unmatched experience in hydrogen fuel cell system design. This collaborative design effort allows our ProGen technology to operate more efficiently, reduce operating costs, and meet sustainability goals.” The ProGen metal plate stack will be integrated into Plug Power’s ProGen hydrogen engines, simplifying the advancement of new on-road market development opportunities like delivery vans, buses, and trucks. The newly designed MEAs and metal stacks will improve product performance, cost, and quality. 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.
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.
SOURCE: PLUG POWER
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