Plug, FreezPak Logistics Expand Agreement to Supply Fuel Cells at 9 Additional Sites
October 19 2022 - 9:00AM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions for the global green hydrogen economy, today
announced an agreement with FreezPak Logistics, a leading third
party food logistics company, to provide fuel cells and hydrogen
storage and fueling infrastructure to nine additional sites and
nearly 400 lift trucks.
The multi-site agreement makes FreezPak Logistics, a Plug
customer since 2014, a pedestal customer — joining other leading
companies, such as Amazon, Walmart and Home Depot. The agreement
includes providing hydrogen infrastructure and fuel cells for lift
trucks at four existing FreezPak Logistics sites, along with five
additional sites scheduled for 2023. In total, Plug will support 11
customer sites across the U.S, including the three sites already in
operation.
“FreezPak Logistics has been a longstanding believer in Plug’s
innovative technology and hydrogen fuel cells,” Andy Marsh, Plug
CEO, said. “We are thrilled to expand our partnership, which
further improves the American supply chain and decreases carbon
emissions.”
As a Plug customer for eight years, FreezPak Logistics has
witnessed firsthand the benefits of transitioning from lead-acid
batteries to hydrogen fuel cells. The company reported seeing a
productivity boost of 100% because fuel cells operate at full power
throughout a shift, while batteries require frequent
recharging.
“FreezPak continually strives for ways to be more efficient,
sustainable and increase productivity,” Dave Saoud, FreezPak
Logistics Co-Founder/CEO, said. “Given our long-term relationship
with Plug, it makes sense to work together toward a common vision —
progression and reducing carbon emissions.”
In addition to greenhouse gas reduction, FreezPak Logistics saw
electricity bills drop by 31.5% and an increase in usable space by
up to 5,000 square feet per location.
Michael Saoud, FreezPak Logistics Co-Founder/CEO, said, “We are
committed to clean energy and solutions that boost our operations.
Improving uptime and continuing our path with innovation, we are
excited to grow our partnership with Plug.”
Improving the global supply chain through increased productivity
is at the core of Plug’s material handling business. During the
height of the COVID-19 pandemic, Plug's robust solutions were
operating at 99% efficiency and moved approximately 30% of the
retail food and groceries through the U.S. to support the needs of
customers like FreezPak Logistics.
About Plug
Plug is building an end-to-end green hydrogen ecosystem, from
production, storage and delivery to energy generation, to help its
customers meet their business goals and decarbonize the economy. In
creating the first commercially viable market for hydrogen fuel
cell technology, the company has deployed more than 50,000 fuel
cell systems and over 165 fueling stations, more than anyone else
in the world, and is the largest buyer of liquid hydrogen. With
plans to build and operate a green hydrogen highway across North
America and Europe, Plug is building a state-of-the-art Gigafactory
to produce electrolyzers and fuel cells and multiple green hydrogen
production plants that will yield 500 tons of liquid green hydrogen
daily by 2025. Plug will deliver its green hydrogen solutions
directly to its customers and through joint venture partners into
multiple environments, including material handling, e-mobility,
power generation, and industrial applications. For more
information, visit www.plugpower.com.
Plug Power 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 plans to provide
infrastructure and fuel cells to nine additional FreezPak sites and
nearly 400 lift trucks, which includes providing infrastructure and
fuel cells for lift trucks at four existing FreezPak Logistics
sites, along with five other sites scheduled for the first quarter
of 2023; PLUG’s plan to support customer sites across the U.S.; the
expectation that the partnership with FreezPak will further improve
the America supply chain and decrease carbon emissions; PLUG’s
plans to build an end-to-end green hydrogen ecosystem and operate a
green hydrogen highway across North America and Europe; the
expected production of liquid green hydrogen by 2025; and
expectations regarding PLUG’s joint venture partners and the uses
and applications of its hydrogen solutions. Such statements are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
these statements. For a further description of the risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of PLUG in general, see PLUG’s public
filings with the Securities and Exchange Commission (the “SEC”),
including the “Risk Factors'' section of PLUG’s Annual Report on
Form 10-K for the year ended December 31, 2021 and any subsequent
filings with the SEC. Readers are cautioned not to place undue
reliance on these forward-looking 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 CONTACTS:
PlugCaitlin
CoffeeAllison+PartnersplugPR@allisonpr.com
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