Plug Power Launches GenDrive 3340 Designed Around Plug Power Stack for Increased Reliability
November 18 2015 - 7:00AM
Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean,
reliable energy solutions, today launches the GenDrive 3340 fuel
cell unit into production to fulfill customer orders. The GenDrive
3340 is Plug Power's next-generation GenDrive Series 3000 product
for pallet jack electric lift trucks.
The unit is designed around Plug Power's air-cooled fuel cell
stack. This new stack enables a simplified unit design and features
greater fuel efficiency, leading to both higher reliability and
longer run times. Additionally, the GenDrive 3340 provides constant
voltage resulting in less wear and tear on the truck's electronics,
reducing the need for service and maximizing uptime. The fuel cells
have proven themselves in all warehouse and distribution center
conditions, and, unlike lead acid batteries, perform especially
well in extreme conditions such as cold storage facilities.
"Plug Power continues to lead the industry with state-of-the-art
products that customers can rely on to drive their business," said
Andy Marsh, CEO of Plug Power. "The GenDrive 3340 offers customers
an expanded ability to increase productivity with lower operational
costs, and with increased runtime. Customers will see even more
efficiency in their operations. It's also an important move for
Plug Power to expand the use of our in-house technology, which
improves our product margins."
Plug Power is currently building the first production units to
ship to customers in the fourth quarter of 2015. The units are
manufactured in Plug Power's Latham, New York, facility.
About Plug Power Inc.
The powerhouse in hydrogen fuel cell technology, Plug Power is
revolutionizing the industry with cost-effective solutions that
increase productivity, lower operating costs and reduce carbon
footprint. Its signature solution, GenKey, provides an
all-inclusive package for customers, incorporating GenFuel hydrogen
and fueling infrastructure, GenCare aftermarket service and either
GenDrive or ReliOn fuel cell systems. GenDrive, a lead-acid battery
replacement, is used in electric lift trucks in high-throughput
material handling applications. With more than 9,000 GenDrive units
deployed with material handling customers, GenDrive has been proven
reliable with over 107 million hours of runtime. Plug Power
manufactures tomorrow's incumbent power solutions today, so
customers can POWERAhead. Additional information about the Plug
Power brands is available at www.plugpower.com.
Plug Power Inc. 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
2015 guidance for revenue, gross margin, GenFuel hydrogen
infrastructure construction and order bookings, as well as growth
in new customers and other growth opportunities. 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 at, 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 will not be able to obtain
financing arrangements to support the sale or leasing of our
products and services to customers; 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, ReliOn 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, ReliOn 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. For additional disclosure
regarding these and other risks faced by PLUG, see disclosures
contained in 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,
2014. 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.
CONTACT: Media Contacts
Teal Vivacqua
518.738.0269
media@plugpower.com
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