Plug Power Inc. (NASDAQ:PLUG), a leading provider of hydrogen
engines and fueling solutions enabling e-mobility, are
collaborating to bring a commercial suite of ProGen-powered Gaussin
transportation vehicles to market in 2021 as a solution to
decarbonize the logistics ecosystem. Integrated solutions, ranging
from ProGen-powered Gaussin terminal tractors to automated guided
vehicles, will use green hydrogen produced by Plug Power’s best of
class PEM electrolyzer solution.
Gaussin is a pioneer in hydrogen-powered heavy
duty vehicles and brings over two decades of experience deploying
emission-free vehicles across Europe, Middle East and Asia for
logistic centers, seaports and airports. Through the integration
with Plug Power’s industry-leading ProGen hydrogen engines, Gaussin
further positions itself as a key OEM in the emerging hydrogen
economy. Plug Power and Gaussin will target new cargo markets,
including logistic centers, seaports and airports in Europe, the
United States, and globally beyond. The first vehicles are expected
to be available commercially in early-2021.
Plug Power is the leading provider of hydrogen
fuel cell engines and largest user of liquid hydrogen globally. The
Company provides hydrogen and fuel cell solutions for e-mobility
applications, providing a range of 30 to 125 kW fuel cells for
heavy-duty fleet and on-road vehicle applications. Plug Power’s
modular ProGen fuel cell engines range from 30kW to 125kW, and
designed for OEMs like Gaussin to integrate into zero-emission
vehicles. The company is executing on a strategy to accelerate its
PEM electrolyzer business in the US and Europe, leveraging
distribution channels and developing a multi-megawatt scalable
network for green hydrogen production.
“Our partnerships with OEM leaders, like
Gaussin, allow us to drive green hydrogen solutions in the United
States, Europe and beyond,” said Andy Marsh, CEO for Plug Power.
“We are working to integrate ProGen engines in cargo transportation
and on-road vehicle applications with best-in-class partners to
make the freight and logistics markets greener with our green
hydrogen and sustainable energy solutions.”
“Gaussin values its partnership with Plug Power
as we further penetrate the sustainable cargo transportation
vehicle market,” said Christophe Gaussin, CEO for Gaussin.
“Hydrogen is a critical global fuel solution, and Gaussin intended
to be a leading solutions provider for the zero-emission vehicle
space.”
The transportation sector is known as one of the
largest fuel consumers of the global energy market. Hydrogen is an
attractive fuel, specifically being promoted in Europe where diesel
bans are mandated for large cities starting in 2024. As highlighted
in the European Commission’s Hydrogen Industrial Strategy, hydrogen
energy is “a pillar” to the European Union’s growth and global
competitiveness. Hydrogen also takes a prominent role in the
European Green Deal for making Europe the world’s first
climate-neutral continent by 2050. According to McKinsey &
Company, the global hydrogen economy could reach $2.5 trillion by
2050. Hydrogen is ideal for this industry as a clean, cost
effective and energy-dense (3x gasoline or diesel) fuel.
About Plug Power
Plug Power is building the hydrogen economy as the leading
provider of comprehensive hydrogen fuel cell (HFC) 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 providing efficiency gains and
meeting sustainability goals.
Plug Power created the first commercially viable market for
hydrogen fuel cell (HFC) technology. As a result, the Company has
deployed over 38,000 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.
About Gaussin
Gaussin is an engineering company that designs,
assembles and sells innovative products and services in the
transport and logistics field. Its know-how encompasses cargo and
passenger transport, autonomous technologies allowing for self
driving solutions such as Automotive Guided Vehicle, and the
integration of all types of batteries, particularly electric and
hydrogen fuel cells. With more than 50,000 vehicles worldwide,
Gaussin enjoys a strong reputation in four fast expanding markets:
port terminals, airports, logistics and people mobility. The group
has formed strategic partnerships with major global players in
order to accelerate its market penetration: Siemens Logistics in
the airport field, Bolloré Ports and ST Engineering in ports, UPS
in logistics and Bluebus for people mobility. Gaussin has extended
its business model with licensing agreements that are aimed at
speeding up the use of its technology throughout the world. The
purchase of Metalliance has resulted in the emergence of a group
with over 200 employees and €50M turnover.
In October 2019, the Group won the World
Challenge for Self-Driving Transport in the Leading Company
Category, Best Energy and Environmental Sustainability. Gaussin has
been listed on Euronext Growth in Paris since 2010 (EURONEXT GROWTH
- FR0013495298).
More information on www.gaussin.com.
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of the “safe harbor” provisions 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
the capital raise positioning PLUG to execute and accelerate on its
green hydrogen strategy as well as other strategic growth
initiatives, expectations regarding the timing of the operations of
PLUG’s hydrogen plants and the size of the use and demand for
liquid hydrogen, PLUG’s ability to work with strategic partners to
source low-cost renewable power and drive down the cost of
renewable power and green hydrogen, and expectations regarding
PLUG’s technology facilitating the rapid growth of the hydrogen
economy. 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. For a further description of the
risks and uncertainties that could cause actual results to differ
from those expressed in these forward-looking statements, as well
as risks relating to the business of PLUG in general, see PLUG’s
public filings with the Securities and Exchange Commission,
including the “Risk Factors” section of PLUG’s Annual Report on
Form 10-K for the year ended December 31, 2019 and Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2020, June
30, 2020 and September 30, 2020. Readers are cautioned not to place
undue reliance on these forward-looking 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6921d2d1-7652-4adb-bd2a-1fc83643dd3e
Media ContactIan MartoranaThe Bulleit
Group(415) 237-3681plugpowerpr@bulleitgroup.com
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