Plug Power Announces Commercial Launch of GenSure HP Fuel Cell Platform
July 16 2020 - 7:00AM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen
engines and fueling solutions enabling e-mobility, today announced
the launch of its GenSure HP (high power) platform, a line of
zero-emission stationary fuel cell systems designed for
large-scale, high power backup power applications. This product
line is focused on the largest segments in the $15 billion
stationary power available market. Initially available in
power output configurations ranging from 500 kilowatts (kW) to 1.5
megawatts (MW), the new GenSure HP platform offers a reliable and
rapidly deployable solution for power-hungry data centers, energy
storage systems, microgrids, and other high power commercial
facilities.
“The GenSure HP platform is a reliable and cost-effective
solution for any commercial facilities looking to upgrade their
current large-scale backup power systems, and especially for those
who wish to deploy sustainable solutions to support critical
megawatt systems,” said Andy Marsh, CEO at Plug Power. “Our GenSure
product suite has already been field proven with more than 100
million installed hours of site power protection, and we’re proud
to now be expanding the GenSure line into high power applications
as well.”
GenSure HP hydrogen fuel cell systems are made up of Plug
Power’s 125kW ProGen fuel cell engines, commercially launched in
February of 2020. Initial configurations include power outputs of
500kW, 1MW, and 1.5MW, with all systems housed in standard ISO
containers for ease of packaging and deployment. GenSure HP
solutions are modular and scalable to meet higher capacity
requirements, making them appropriate for a wide variety of high
power applications ranging from as low as 100kW to those requiring
multiple megawatts.
McKinsey reports that the US currently requires nearly 40 GW of
backup power capacity to support nearly 1,800 data hubs. By 2024,
the solution for PEM fuel cells providing backup power in data
centers will achieve cost parity with diesel engines. Today’s data
centers operate on 15mW of generators - and emit a tremendous
amount of noise and air pollution. Plug Power’s GenSure HP is a
better solution to improve air quality and operational
flexibility.
The GenSure HP platform provides, clean, cost-effective
performance to meet customers’ 24x7 stationary power needs with
significantly lower maintenance requirements and much higher
reliability than traditional combustion generators—enabling growth
and capacity expansion in all regulatory environments.
Turnkey packages for the GenSure HP product line include power,
fuel, installation, permitting, and aftermarket service—delivering
a comprehensive solution that aims to take the complexity out of
the equation and enable a seamless transition to hydrogen power.
Powered by clean-burning hydrogen fuel, GenSure HP systems provide
extended, emissions-free runtime for all manner of critical
equipment and are not subject to fuel spill containment or air
quality reporting requirements. GenSure products are able to
support value-added services such as load peak shaving and demand
response programs without impacting emissions and operating hour
limitations. Their low acoustic signature means they can be located
anywhere power is required.
Manufacturing production of the GenSure HP product line
commences in December of 2020 to support 2021 customer
activity.
About Plug Power
Plug Power is building the hydrogen economy as the leading
provider of comprehensive hydrogen fuel cell turnkey solutions. The
Company’s innovative technology powers electric motors with
hydrogen fuel cells amid an ongoing paradigm shift in the power,
energy, and transportation industries to address climate change and
energy security, while meeting sustainability goals.
Plug Power created the first commercially viable market for
hydrogen fuel cell technology. As a result, the Company has
deployed over 32,000 fuel cell systems for e-mobility, more than
anyone else in the world, and has become the largest buyer of
liquid hydrogen, having built and operated a hydrogen highway
across North America. Plug Power delivers a significant value
proposition to end-customers, including meaningful environmental
benefits, efficiency gains, fast fueling, and lower operational
costs.
Plug Power’s vertically-integrated GenKey solution ties together
all critical elements to power, fuel, and provide service to
customers such as Amazon, BMW, The Southern Company, Carrefour, and
Walmart. The Company is now leveraging its know-how, modular
product architecture and foundational customers to rapidly expand
into other key markets including zero-emission on-road vehicles,
robotics, and data centers.
Plug Power 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, 2019. 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) 237-3681plugpowerpr@bulleitgroup.com
SOURCE: PLUG POWER
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