(NASDAQ:PLUG) Plug Power Inc., a leading provider of energy
solutions that change the way the world moves, has been named to
Fast Company’s prestigious annual list of the World’s Most
Innovative Companies for 2019.
The 2019 Most Innovative Companies (MIC) list honors 50
businesses making the most profound impact on both industry and
culture, showcasing a variety of ways to thrive in today’s volatile
world. Half of the companies on this year’s MIC 50 list are
appearing for the first time.
“Hydrogen is the way of the future - specifically in mobility
applications. We’ve proven this for a long time at Plug Power, and
it’s incredible to have such a distinguished and forward looking
media company such as Fast Company recognize Plug Power, not only
for the impactful work we’re doing today, but also the for the vast
and comprehensive potential of hydrogen fuel cell power in the
future,” said Andy Marsh, CEO, Plug Power.
With the future in mind and the ability to provide cleaner and
more efficient mobility options, Plug Power has made great strides
towards on-road vehicle applications in 2018. With the team’s
hands-on experience, Plug Power applied its knowledge of fuel cell
engine design and launched the first FedEx hydrogen fuel
cell-powered electric vehicle (FCEV). With Plug Power’s hydrogen
and fuel cell solutions, the FedEx vehicle range was extended to
160 miles - 166% greater than BEVs alone, and the driver can refuel
its truck in minutes instead of spending hours to charge batteries.
These benefits are allowing the truck and its drivers to get back
on the road faster and deliver more packages. The FedEx truck has
accumulated more than 14,000 on-road miles. This marked a defining
moment for Plug Power, as the company delivered on its commitment
to expand into on-road applications such as delivery trucks, while
still remaining true to its core material handling business.
Plug Power continues its transformational efforts within
industrial mobility, bringing clean hydrogen fuel cell solutions to
major retailers that aim to reach consumers’ demands for immediacy
- shopping online 24 hours a day for groceries, clothing and
medication. With the rise of parcel volume - expected to increase
at a rate of 17 - 28% each year until 2021 - operations within the
material handling industry are being revolutionized through the
efficiency gained with Plug Power’s hydrogen fuel cell technology.
The United States Postal Service, a Plug Power customer since 2017,
avoided $3.5 million in annual costs within the first year of using
Plug Power, resulting in a ROI of 107%.
To date, Plug Power’s innovations have resulted in more than
25,000 units in the field, 180 million hours of fleet operation,
and over 16 million hydrogen fills - officially the most in the
world.
This year, Fast Company’s editors and writers sought out
groundbreaking businesses across 35 industries and every region.
They also judged nominations received through their application
process.
The World’s Most Innovative Companies is Fast Company’s
signature franchise and one of its most highly anticipated
editorial efforts of the year. It provides both a snapshot and a
road map for the future of innovation across the most dynamic
sectors of the economy.
“Established players are showing the same kind of nimbleness
that we’ve generally associated with startups,” said Fast Company
deputy editor David Lidsky, who oversaw the issue with senior
editor Amy Farley.
Fast Company’s Most Innovative Companies issue
(March-April 2019) is now available online at
https://www.fastcompany.com/MIC, as well as in app form via iTunes
and on newsstands beginning February 27th. The hashtag is
#fcmostinnovative.
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 FAST COMPANY Fast Company is the only
media brand fully dedicated to the vital intersection of business,
innovation, and design, engaging the most influential leaders,
companies and thinkers on the future of business. Since 2011, Fast
Company has received some of the most prestigious editorial and
design accolades, including the American Society of Magazine
Editors (ASME) National Magazine Award for “Magazine Of The Year,”
Adweek’s Hot List for “Hottest Business Publication,” and six gold
medals and 10 silver medals from the Society of Publication
Designers. The editor-in-chief is Stephanie Mehta and the publisher
is Amanda Smith. Headquartered in New York City, Fast Company is
published by Mansueto Ventures LLC, along with our sister
publication Inc., and can be found online at
www.fastcompany.com.
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 expectations
regarding revenue, growth with GenKey customers. 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 communication 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
Media ContactKate
GundryPluck617.797.5174plugpower@pluckpr.com
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