Plug Power Announces Expanded Contract with FM Logistic, Further Extending Presence in the European Market
July 11 2019 - 7:00AM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen
engines and fueling solutions enabling e-mobility, announces today
an expanded contract with FM Logistic, making it the first
traditional GenKey customer in Europe. FM Logistic initially
adopted Plug Power’s GenDrive hydrogen fuel cell technology in
2015. Continuing use today, this expanded relationship will include
an increased fleet of GenDrive fuel cells along with a GenFuel
hydrogen refueling station - Plug Power’s first in Europe - which
will supply FM Logistic’s hydrogen capacity over the next five
years. The deal with FM Logistic follows Plug Power’s announcement
of a new partnership with StreetScooter and DHL, representing
continued European growth as part of Plug Power’s strategic 2019
goals.
“For years we’ve been able to offer our material handling and
logistic customers with the end-to-end solution they needed,
whether it’s fuel cell engines or hydrogen storage and dispensers,”
said Andy Marsh, CEO of Plug Power. “We are very excited to bring
our customers in Europe the same services. Europe has been an area
of focus for us this year, and this is a truly monumental step in
proliferating hydrogen power. Ensuring a steady supply of hydrogen
is a foundational element of reliable hydrogen infrastructure, and
we continue to be a driving force for the global solution.”
As one of the most forward-thinking companies in Europe, FM
Logistic has worked with Plug Power for five years to decrease
their carbon footprint and increase productivity and efficiency of
the fleet vehicles running in their distribution centers and
warehouses. With their accelerated growth and facilities across
France, FM Logistic turned to Plug Power’s GenKey solution. FM
Logistic continues to show their commitment to clean, dependable,
efficient power solution.
“It has been a pleasure to work with Plug Power over the last
five years, and we look forward to continuing to grow this
partnership,” said Yannick Buisson, FM Logistic’s Directeur Général
France. “Plug Power’s GenKey offering will allow us to benefit from
a unique, turnkey solution that aligns with our business and
sustainability goals. We have a corporate responsibility to ensure
our options are green, and this partnership is a crucial one.”
The new contract was signed in May 2019 and will include all
necessary refueling infrastructure, related services, and hydrogen
fuel. The new hydrogen refueling station will be located at FM
Logistic’s operation in Neuville aux Bois, France.
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. www.plugpower.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 growth in Europe, revenue, increase in
deployments, 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, 2018. 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
Media Contact Kate GundryPluck
617.797.5174plugpower@pluckpr.com
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