Plug Power Expands Hydrogen Supply Chain Partner Network in Spain with CLH
November 26 2019 - 3:30AM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen
engines and fueling solutions enabling e-mobility, has announced a
new agreement with Spanish hydrogen production and distributor
Compañía Logística de Hidrocarburos (CLH). Through the agreement,
CLH will develop hydrogen production assets and downstream markets
in Spain, in the industrial, mobility and power production/storage
sectors for distribution to Plug Power customers throughout Europe.
The CLH Group is a leading international company in the
transport and storage fuel products in Europe. Through zero
emission hydrogen fuel cell system applications commercialized by
Plug Power, including industrial material handling, on road
commercial fleet vehicles and port applications (air, marine, and
rail) where CLH has a strong presence, both partners expect to
impact the growth of the renewable hydrogen market in Spain and
Europe. The agreement provides opportunity for both companies to
identify opportunities and customers in the space.
“Finding and accelerating adoption opportunities in the Spanish
material handling market is pivotal to the greater success of
adopting clean energy mobility solutions,” said Andy Marsh, CEO of
Plug Power. “Like Plug Power, CLH shares a value to sustainability,
safety and collaboration. Our partnership is already providing
fruitful work and we look forward to finding areas of collaboration
in the future.”
Already a leader in the United States in fuel cell deployment
and hydrogen dispensing, Plug Power’s European business is expected
to grow by more than 60% per year for the next five years. Plug
Power customers are currently the largest users of liquid hydrogen
in the United States - and soon enough, the world. The Company
continues to invest in hydrogen supply and generation methods to
support current and expected growth.
The CLH Group is the leading company engaged in the transport
and storage of oil products in the Spanish market and the second
largest logistics operator in Europe in terms of the extension of
its pipeline network and storage capacity. In Spain, it has a
pipeline network over 4,000 kilometers in length and 39 storage
facilities with capacity for 8 million cubic meters, as well as
being present at the main Spanish airports. At the international
level, the company is developing an ambitious expansion plan and
conducts its business in the UK, Oman, Ireland, Panama and
Ecuador.
CLH has an international presence in logistics, fuel storage and
delivery in markets including motor, aviation and marine. Together,
Plug Power and CLH intended to explore other potential areas of
collaboration related to the development of hydrogen solutions for
airports, goods transportation and delivery networks - markets
where high-asset utilization is important, and the value
proposition of fuel cells makes tremendous sense. 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.
Media Contact Ian MartoranaThe Bulleit
Group(415) 237-3681plugpower@bulleitgroup.com
SOURCE: PLUG POWER
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