Plug Power to Accelerate Hydrogen Adoption in European Manufacturing Market
June 11 2018 - 7:00AM
Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy
solutions that change the way the world moves, announced today that
the Plug Power Europe team is exhibiting as a partner at the World
of Material Handling conference hosted by Linde Material Handling
in Mannheim, Germany, from June 4-15, 2018. Plug Power’s goal is to
accelerate the adoption of hydrogen in the European manufacturing
market by integrating its fuel cells into Linde warehouse vehicles.
After a routine qualification process, several warehouse
vehicles including Linde’s P30C-FC electric tow trucks and E25-FC
electric forklift trucks have been qualified by both Linde and Plug
Power engineers for the seamless integration of hydrogen fuel
cells. At the World of Material Handling conference, Linde is
presenting that two of its new forklifts -- the counterbalance
truck E20FC and the reach truck R20FC -- are fuel cell-ready. A
full range of fuel cell-enabled trucks, from 24 up to 80V, are now
available at Linde.
Through this, more small- and medium-sized prospects will have
the opportunity to evaluate hydrogen for their applications. In
addition, for medium-sized customers, Plug Power brings to the
partnership the expertise of 20,000 deployed fuel cells and greater
than 180 million run hours in mobility applications, including
customers in Europe such as BMW and Daimler.
“We’re excited to co-operate with Linde, one of the leading
material handling equipment manufacturers in the world, to
accelerate the market penetration for hydrogen fuel cells across
Europe,” said Plug Power CEO Andy Marsh. “We believe hydrogen has
limitless possibilities for both industrial and on-road
applications; our cooperation will help expedite bringing hydrogen
power to electric vehicles in factories across Europe, reducing
their emissions and driving overall efficiency.”
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.
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 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, 2017. 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.
Plug Power Investor and Media
Contact
Teal Vivacquamedia@plugpower.com
SOURCE: PLUG POWER
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