Plug Power Helps Open Hydrogen Industrial Park With Genco and Kimberly-Clark Corporation
February 10 2011 - 12:00PM
Use of GenDrive to Reduce Greenhouse
Gas Emissions of Forklift Fleet by Up to 90 Percent
Plug Power CEO Interview Featured on
TheStreet.com
Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy solutions, celebrates the opening of the nation's
first multi-use industrial park fueling station to supply hydrogen
directly for industrial, commercial and government use. Plug Power
joins GENCO ATC and its customer, Kimberly-Clark Corporation
(NYSE:KMB), as 25 GenDrive®-powered Toyota electric lift trucks
move product at Kimberly-Clark's 450,000 square foot distribution
facility in Graniteville, South Carolina.
By using GenDrive hydrogen fuel cells instead of lead-acid
batteries to power its electric lift truck fleet, Kimberly-Clark
Corporation can reduce greenhouse gas emissions by up to 90
percent. GenDrive also offers customers increased productivity as
material handling equipment runs longer, at full speed, eliminating
all signs of battery-droop. By reducing the operational costs
associated with lost time in manpower, return on investment for
some customer's fuel cell purchases can be realized
immediately.
Plug Power will join GENCO ATC, Kimberly-Clark, Air Products
(NYSE:APD) and the Aiken-Edgefield Development Partnership for a
ribbon-cutting ceremony and technology demonstration on Friday,
February 11, 2011 at the Kimberly-Clark facility. Several executive
speakers will address this monumental and environmentally favorable
project.
"Kimberly-Clark is constantly looking for innovative ways to
minimize the impact of our operations on the environment," said
Rick Sather, Vice President of Customer Supply Chain at
Kimberly-Clark. "We are pleased to partner with GENCO ATC, Plug
Power and Air Products to help expand hydrogen fuel cell technology
to our entire Toyota forklift fleet. This energy technology can
reduce our carbon emissions by hundreds of metric tons per year,
lower costs and drive efficiencies to power our operations."
The fueling station and GenDrive-powered forklifts were
partially funded through a cost-share award made to GENCO ATC by
the U.S. Department of Energy (DOE) through the American Recovery
and Reinvestment Act. The DOE intends this funding to accelerate
the commercialization and deployment of fuel cells and create jobs
in fuel cell manufacturing, installation, maintenance and support
services.
As a precursor to the ceremony, Plug Power's CEO, Andy Marsh,
conducted an interview with TheStreet.com, Inc., a leading digital
financial media company, earlier today. Mr. Marsh discussed the
prime commercial market seen in the material handling industry for
hydrogen fuel cells today as well as the intense benefits that
Kimberly-Clark will realize at its South Carolina facility.
"What's really exciting when looking at today's hydrogen
economy, is what Plug Power is doing in the forklift business is
just the start of using hydrogen fuel cells in all fleet vehicles,"
said Andy Marsh. "The hydrogen fuel cell infrastructure at GENCO's
customer, Kimberly-Clark, is really the beginning of how to
leverage hydrogen assets."
A podcast of Andy Marsh's interview, The Real Story with Gregg
Greenberg, can be accessed on Friday, February 11, 2011 from the
homepage of Plug Power's Web site, www.plugpower.com.
About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power
revolutionized the industry with cost-effective power solutions
that increase productivity, lower operating costs and reduce carbon
footprints. Long-standing relationships with industry leaders
forged the path for our key accounts, including Wegmans, Whole
Foods, and FedEx Freight. With more than 1,000 units in the
field and over 2 million hours of runtime, Plug Power manufactures
tomorrow's incumbent power solutions today. Visit us at
www.plugpower.com.
The Plug Power Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4446
Plug Power Inc. Safe Harbor
Statement
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including but not limited to expectations regarding revenues
and product orders for 2011. These statements are based on current
expectations that are subject to certain assumptions, risks and
uncertainties, any of which are difficult to predict, are beyond
our control and that may cause our actual results to differ
materially from the expectations in our forward-looking statements
including statements regarding the risk that unit orders will not
ship, be installed and/or convert to revenue, in whole or in part;
the cost and timing of developing our products and our ability to
raise the necessary capital to fund such development costs; the
ability to achieve the forecasted gross margin on the sale of our
products; the 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 GenDrive system; 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 improve system reliability for GenDrive;
competitive factors, such as price competition and competition from
other traditional and alternative energy companies; our ability to
manufacture products on a large-scale commercial basis; our ability
to protect our intellectual property; the cost of complying with
current and future governmental regulations; and other risks and
uncertainties discussed under "Item IA-Risk Factors" in our annual
report on Form 10-K for the fiscal year ended December 31, 2009,
filed with the Securities and Exchange Commission ("SEC") on March
16, 2010, and the reports we file from time to time with the
SEC. Plug Power does not intend to, and undertakes no duty to
update any forward-looking statements as a result of new
information or future events.
CONTACT: Media Contact:
Reid Hislop
Plug Power Inc.
Phone: (518) 782-7700 ext. 1360
Investor Relations Contact:
Cathy Yudzevich
Plug Power Inc.
Phone: (518) 782-7700 ext. 1448
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