Revenue Growth Drives Plug Power’s Manufacturing Expansion in New York
August 16 2018 - 7:00AM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of energy
solutions that change the way the world moves, announces the
opening of a new 38,400 square foot facility in Clifton Park,
NY. This manufacturing expansion is driven by Plug Power’s
continued strong top line growth in its core markets. This
new facility provides the expanded manufacturing capacity required
for Plug Power products to meet the rapidly growing demands of the
hydrogen fuel cell industry.
"The ongoing innovation in clean energy and the enterprising
nature of the great people of upstate New York are closely tied as
we move into the next phase of hydrogen fuel cell adoption,” said
Andy Marsh, CEO, Plug Power. "As Plug Power continues to grow both
its customer base and corporate family, opening the Clifton Park
facility was an easy decision. We’re confident that our technology
solutions coupled with the proven ingenuity, deep pool of
engineering talent, and the unsurpassed work ethic of people in the
Capital Region will make this expansion a great success.”
Congressman Paul Tonko will attend the facility’s grand opening
on August 17, 2018 and speak to the continued growth of the Capital
Region as a leading technology center and the positive impact Plug
Power has on the local community.
Congressman Paul Tonko said, “Plug Power is staking their value
and future on the intellect, work ethic and talent right here in
the Capital Region. In my opinion, there is no better place to
invest in the clean energy economy. We continue to grow as an
epicenter of invention and innovation. In the nation’s capital, I
joined my colleagues to successfully extend the fuel cell
investment tax credit and will continue to fight to enable new,
abundant and clean technology to power our tomorrow. I congratulate
Plug Power and applaud the state of New York for recognizing the
importance this sector plays to our growth and new job
opportunities.”
Performance-based tax credits through the Excelsior Jobs Program
from New York State and Empire State Development played a large
part is making this opening possible and Plug Power is grateful to
the group’s continued support of its mission to drive renewed vigor
into the Capital Region both in terms of job creation and the
inspiration of clean energy innovations.
Empire State Development President, CEO & Commissioner
Howard Zemsky said, "Strategic investments in advanced
manufacturing and sustainable energy production are allowing
companies to develop and manufacture new technologies. Plug Power's
expansion means more green collar jobs in the Capital Region,
supporting the regional economy and New York State's commitment to
clean energy industries.”
The grand opening of the Clifton Park facility further
underscores the company’s commitment to positioning the Capital
Region as a leading edge “hydrogen city”, an epicenter of
innovation for alternative energy technologies. The revenue and job
creation supported by this new facility ensures that Plug Power
will remain a catalyst in the economic success of the Capital
Region, promoting both the growth of new ideas and quality jobs in
the technology sector.
“As Plug Power grows we are expanding our manufacturing capacity
to meet the demand of our core material handling market as well as
prepare for the rapidly developing on-road vehicle market.
Increasing capacity for our cutting edge ProGen line of
on-road hydrogen engines was a key part of this strategic
decision,” said Keith Schmid, COO, Plug Power. “The expansion of
Plug Power’s manufacturing capability through this new facility
enables us to deliver on that promise.”
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 StatementThis 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.
Media Contact Kate GundryPluck
617.797.5174plugpower@pluckpr.com
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