Plug Power Develops 1kW ProGen Fuel Cell System for Robotics and Drone Applications
August 19 2020 - 7:00AM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen
engines and fueling solutions enabling e-mobility, today announced
a new 1kW ProGen fuel cell system intended for small scale
robotics, automatic guided vehicles (AGVs), unmanned aerial
vehicles (UAVs), and other aerospace applications. The new ProGen
system represents an expansion of the technology and product line
acquired through the Company’s June 2019 acquisition of EnergyOr, a
Montreal-based fuel cell systems company with extensive experience
in aerospace fuel cell system design and application. Plug Power’s
new fuel cell system combines a patented light-weight and rugged
construction method with its proprietary air-cooled, closed-cathode
technology, delivering several key advantages over market
competitors.
“Plug Power builds cutting-edge technology from ideation to
operation,” said Andy Marsh, CEO for Plug Power. “ProGen hydrogen
fuel cells allow devices with electric motors to run cleanly and
efficiently. The 1kW ProGen lets Plug Power power everything from
electric vehicles to small robotics and UAVs, and everything in
between. Yet another solution to support the global supply
chain.”
Plug Power’s lightweight and rugged new 1kW fuel cell system is
specially designed to deliver extended flight endurance and run
times under the most demanding operating conditions. With a
compressed hydrogen fuel source, the system outperforms the average
lithium battery in terms of endurance by a factor of three to four.
With liquid hydrogen fueling systems, this endurance
advantage is extended to a factor of up to nine times.
Plug Power’s new 1kW fuel cell system is a larger and more
powerful version of the ProGen 450W. Its sophisticated air-cooled
and closed-cathode technology eliminates significant complexity,
removing the weight of the liquid cooling loop and heat exchangers
used in traditional liquid-cooled systems. This simplicity of
design allows for an elegant, remarkably lightweight overall system
architecture. At the same time, the closed-cathode allows the
stack’s cathode loop to be pressurized for high altitude and high
ambient temperature operation with minimal system performance loss,
while also reducing cathode contamination—three areas where typical
open-cathode systems face significant limitations.
Plug Power is now launching this new fuel cell system, the
ProGen 1kW, into the market. “I’ve always believed that
technology and talent are the most valuable assets that a company
can secure in any acquisition,” says Andy Marsh, CEO of Plug Power.
“That’s true in general, but it’s especially true for those of us
who work in high-tech industries. In less than a year, the EnergyOr
team has become a vital and closely integrated part of the Plug
Power family. As a result, Plug Power is now able to take its first
steps into the world of aerospace and UAV applications with an
incredibly powerful new fuel cell system. This product has
incredible potential. In fact, I’d say the sky really is the
limit.”
The new ProGen 1kW fuel cell system is protected by five U.S.
patents, and is one of five sub-2kW products offered by the
company. Others include: the ProGen 450W for robotics and UAVs, the
1.5kW GenDrive for material handling, and the backup power models
GenSure E-1100 (1.1kW) and GenSure E-200 (200W).
About Plug PowerPlug Power is building the
hydrogen economy as the leading provider of comprehensive hydrogen
fuel cell (HFC) turnkey solutions. The company’s innovative
technology powers electric motors with hydrogen fuel cells amid an
ongoing paradigm shift in the power, energy, and transportation
industries to address climate change and energy security, while
providing efficiency gains and meeting sustainability goals.
Plug Power created the first commercially viable market for
hydrogen fuel cell (HFC) technology. As a result, the company has
deployed over 35,000 fuel cell systems for e-mobility, more than
anyone else in the world, and has become the largest buyer of
liquid hydrogen, having built and operated a hydrogen highway
across North America. Plug Power delivers a significant value
proposition to end-customers, including meaningful environmental
benefits, efficiency gains, fast fueling, and lower operational
costs.
Plug Power’s vertically-integrated GenKey solution ties together
all critical elements to power, fuel, and provide service to
customers such as Amazon, BMW, The Southern Company, Carrefour, and
Walmart. The company is now leveraging its know-how, modular
product architecture and foundational customers to rapidly expand
into other key markets including zero-emission on-road vehicles,
robotics, and data centers.
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, 2019. 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.
Media Contact Ian MartoranaThe Bulleit
Group(415) 237-3681plugpowerpr@bulleitgroup.com
SOURCE: PLUG POWER
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