Plug Power Supports Increase in MEA-Production Demand with Facility Expansion in Rochester, New York
September 04 2019 - 7:00AM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen
engines and fueling solutions enabling e-mobility, today announced
a major expansion of its presence in New York’s Finger Lakes region
with the opening of new facilities in Rochester, NY. The expansion
arrives less than a year after the grand opening of Plug Power’s
Rochester-based manufacturing center, and constitutes a noteworthy
addition to the company’s administrative, lab, and warehousing
spaces. The move will bring an array of new job opportunities in
the fuel cell market to the Greater Rochester area, underscoring
New York State’s growing reputation as a hub for innovation in the
renewable energy sector.
The new Rochester facilities include engineering and
administrative offices, research and development (R&D)
laboratory space, and a warehouse location. Marking the biggest
area of growth within the broader expansion, the new labs come
equipped with cutting-edge technology and ample resources
supporting Plug Power’s ongoing efforts to reduce costs, improve
durability, and develop new materials for its proprietary membrane
electrode assembly (MEAs) technology.
The opening of the new Rochester facilities arrives at a crucial
time for Plug Power, which recently announced its largest second
quarter in company history. With commercial adoption of hydrogen
and fuel cells growing rapidly, particularly in material handling
applications, the company now requires more space for R&D,
manufacturing, and storage than ever before. The Company is on pace
to be the largest MEA producer in the country by year’s end.
Plug Power also expects to expand its personnel with several new
hires, recruiting Rochester-based professionals to fill key
positions in R&D, chemical engineering, and manufacturing. “As
CEO of a prominent Upstate New York business, I am delighted that
Plug Power has been able to grow its presence in the great city of
Rochester,” said Andy Marsh, CEO, Plug Power. “New York State
leadership has been incredibly supportive of the work we’re doing,
and the Finger Lakes region has proved itself to be not only rife
with incredible talent, but also a wonderful place to live. We’re
absolutely thrilled to be bringing new job opportunities to an area
that has been so instrumental to Plug Power’s growth and continued
success in recent years.”
In addition to creating local job opportunities, Plug Power’s
Rochester expansion will also serve to facilitate the company’s
continued collaboration with local schools like the Rochester
Institute of Technology and Alfred State College. Plug Power has
previously partnered with both schools, inviting students to assist
with testing, providing summer internship opportunities, and
collaborating on joint funding applications for various R&D
projects. 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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