Plug Power Announces Commercial Launch of the 30 Kilowatt Hydrogen ProGen Engine
March 28 2019 - 7:00AM
Plug Power Inc. (NASDAQ:PLUG), a leader providing energy solutions
that change the way the world moves, today announced the launch of
its 30 kilowatt (kW) hydrogen fuel cell engine, the newest
commercial product from the ProGen suite of products. The reliable
ProGen 30kW engine provides a cost-effective solution to meet the
needs of today’s electric vehicle (EV) use-case, including high
utilization, extended runtimes, reliable performance in harsh
environments, rapid fueling, and zero emissions. ProGen
industry-leading products make it simple for original equipment
manufacturers (OEMs) to adopt sustainable fuel cell power.
Delivery of the first commercial orders for this product are
scheduled in July 2019 to European and Asian on-road e-mobility
applications. The modular pre-engineered ProGen engines allow OEMs
to rapidly convert commercial fleet vehicles to zero emission
powertrains, reduce time to market, and benefit from the ProGen
volume leverage in the overall market. The complete 30kW ProGen
engine solution contains the fuel cell stack, required balance of
plant, dc/dc converter, and cooling. Delivery vans and light/medium
duty cargo box trucks are some of the leading applications for the
30KW ProGen hydrogen engine.
“At Plug Power, we’re continuing to lead the hydrogen industry
by setting the agenda to further shape the way we power the
e-mobility market. This product launch is just one example of the
innovation that will come from us in 2019,” said Andy Marsh, CEO of
Plug Power. “We’re excited to start shipping this higher capacity
engine to our customers around the world, allowing them to
efficiently power a range of vehicles and move to the reality of
on-road applications powered by hydrogen.”
The demand for Plug Power products underscores how hydrogen is
ideally positioned to be the fuel of the future when it comes to
the electrification of transportation. According to KPMG’s most
recent report, hydrogen fuel cell electric vehicles have replaced
battery electric vehicles as the no. 1 key trend in the automotive
industry until 2025. A McKinsey report further backs this trend,
predicting that by 2050, hydrogen could power a global fleet of
more than 400 million cars, 15 to 20 million trucks, and around 5
million buses, which constitute on average 20 to 25% of their
respective transportation segments.
As major enterprise companies around the world invest in a
combination of hydrogen and battery powered electric vehicles,
they’ve seen increased range and vehicle uptime while
simultaneously enjoying decreased fuel and maintenance costs. Plug
Power looks forward to leading this e-mobility revolution with
continued additions to the growing line of ProGen products.
Named to Fast Company’s 2019 “Most Innovative Companies” list,
Plug Power leads the hydrogen fuel cell revolution. With over 20
years developing this technology, the company to date has delivered
over 25,000 fuel cells to the market with more than 180 million
hours of fleet operation, as well as over 17 million hydrogen
refuels.
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. 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, 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
SOURCE: PLUG POWER
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