Plug Power, Inc. (NASDAQ: PLUG), a leading provider of hydrogen
engines and fueling solutions enabling e-mobility, announce an
upcoming event that will celebrate the results of Albany
International Airport’s first hydrogen fuel cell-powered ground
support equipment (GSE). The event is slated to take place this
afternoon, August 15, at Plug Power headquarters in Latham, NY, and
will bring together speakers from several of the partner
organizations behind the Albany initiative, as well as special
guests including U.S. Representative Paul Tonko.
Originally announced in April 2019, the new GSE fleet at Albany
International Airport comprises a contingent of fuel cell-powered
electric cargo tuggers tasked with transporting packages from the
airport’s FedEx sorting facility to its delivery airplanes. The
vehicles were commissioned in February of 2019 as part of a U.S.
Department of Energy program between Plug Power, Charlatte America,
and FedEx.
The FedEx fuel cell-powered cargo tuggers have posted impressive
results after months of operation, and Plug Power’s upcoming event
will provide media and other attendees with an inside look at the
biggest successes and key learnings generated by the project.
Additionally, Plug Power will showcase its outdoor hydrogen fueling
infrastructure, one of the first outdoor fueling stations built in
New York State. Since February, the cargo tuggers have operated 5
days a week, and endured extreme temperatures ranging from 5
degrees F to 91 degrees F. This included 41 days of below-freezing
temperatures during the test period. The ground support vehicles
were built by Charlatte America and operate using Plug Power’s zero
emission ProGen hydrogen engines.
Electric GSE vehicles produced by Charlatte America offer
numerous benefits as compared to industry competitors and require
significantly less maintenance than equipment powered by
traditional internal combustion engines. Augmented with Plug
Power’s ProGen hydrogen fuel cell technology, the new FedEx cargo
tuggers are capable of towing as much as 40,000 lbs. for up to four
hours without stopping, and only require three or four minutes of
downtime for each refueling.
These zero-emission vehicles are remarkably energy efficient,
boasting an average efficiency rating of about 45%. Wear and tear
on the vehicle is also considerably lower when compared to other
GSEs, meaning they have minimal requirements for routine
maintenance such as oil changes, brake service, and starter
replacements. As a result, the new vehicles offer an effective
means of reducing operational costs while increasing
productivity.
“Plug Power’s work bringing hydrogen fuel cell power to FedEx
and Albany International Airport proves once again that fuel cells
are ready to take center stage,” said Andy Marsh, CEO, Plug Power.
“FedEx moves a tremendous volume of packages through its Albany
operation each day, and these vehicles have risen to the occasion
while withstanding the most challenging conditions. We’re eager to
show off the success of this program and the learnings we’ve gained
that will help us expand the use of fuel cell vehicles, both in the
world of shipping and logistics, and far beyond.”
“FedEx is committed to minimizing its environmental impact by
applying new, innovative technologies and solutions as part of our
Reduce, Replace, Revolutionize strategy,” said Mitch Jackson, chief
sustainability officer, FedEx Corp. “We are thrilled we were able
to participate in this program by including these clean,
hydrogen-powered electric vehicles in our airport delivery fleet.
This is just one way FedEx is helping revolutionize new,
responsible environmental solutions to increase efficiency and
reduce airport waste and emissions in our local communities.”
“The nation’s airports are making a determined effort to reduce
the use of carbon-base fuels in their ground handling equipment and
Plug Power has proven to be an innovative force in reducing the
carbon footprint of FedEx and the Albany International Airport,”
said John A. O’Donnell, CEO of the Albany County Airport
Authority.
“Our Capital Region’s own Plug Power continues to build success
as a leader in clean energy here and throughout the country,” said
Congressman Tonko. “Knowing that transportation is one of the
leading drivers of greenhouse gas emissions, I am proud that our
own Albany International Airport is partnering with local companies
here to improve the efficiency and effectiveness of their
operations. Responsible environmental practices and improvements to
our transportation systems are a win for everyone.”
Plug Power currently has deployed more than 28,000 GenDrive fuel
cells in the field worldwide. The Department of Energy’s Fuel Cell
Technologies Office within the Office of Energy Efficiency and
Renewable Energy supports early stage R&D that enables progress
in hydrogen and fuel cell technologies, and has collaborated with
Plug Power, FedEx, and Charlatte on this project.
Media Event and Product Demonstration
Details:Date: Thursday, August 15,
2019Time: 12:30 p.m. – 1:30 p.m.
EDTLocation: Plug Power 968 Albany Shaker Road,
Latham, NY 12110Program: In addition to VIP
remarks, guests will see GSE product demonstrations including a
hydrogen refueling
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, 2018. 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.
SOURCE: PLUG POWER
Media Contact Kate GundryPluck
617.797.5174plugpower@pluckpr.com
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