Plug Power Launches Heavy Duty ProGen Hydrogen Engine for On-Road Applications
February 13 2020 - 8:32AM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen
engines and fueling solutions enabling e-mobility, today announced
a product launch of its heavy-duty 125 kW ProGen zero emission
hydrogen engine. This product expands Plug Power’s market reach
into heavy-duty on and off-road applications that include Class 6,
7 and 8 trucks, transit buses and various port applications.
Plug Power ProGen units are designed to be ‘plug and play’
complete fuel cell systems. The standard module is designed to
simplify OEM and system integrators’ packaging into their
commercial offerings. Production shipments of the heavy-duty
engines are to begin in the third quarter of 2020.
“This product launch represents a significant expansion of our
ProGen line to support heavy duty vehicle (HDV) applications,” said
Andy Marsh, CEO of Plug Power. “The product is based on our best in
class ProGen metal stack technology and will positively impact the
adoption of hydrogen fuel cell technology in both on and off-road
electric vehicle fleets.”
Fuel cells provide distinct advantages in applications where
reliability, range and fuel efficiency are important. The high
performance compact 125 kW ProGen engines are available in a
variety of output voltages, are equipped with cold start capability
and an intelligent can bus interface for seamless OEM integration.
The modular ProGen engines are designed for use in series and
parallel configurations to meet a variety of power needs including
large scale stationary back-up systems.
According to McKinsey’s ‘Roadmap to a US Hydrogen
Economy’ executive summary, transportation accounts for a
third of US carbon emissions. The report notes that light-duty and
heavy-duty fuel cell electric vehicles provide a competitive
mobility solution, seeing the total cost of ownership break even as
soon as 2025.
As businesses are seeking reliable solutions for their
e-mobility needs, and more efficient, cleaner power sources for
their large-scale stationary power requirements, Plug Power is
pleased to be able to provide a zero emission fuel cell option.
Today’s product launch follows the successful launch of the 30kW
ProGen hydrogen engine made in April, 2019. The 30kW engine, suited
for delivery vans or light/medium-duty cargo trucks, is being used
in StreetScooter fuel cell-powered trucks for on-road in use by
DHL.
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 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, 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 Ian MartoranaThe Bulleit
Group(415) 237-3681plugpower@bulleitgroup.com
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