LATHAM, N.Y., Jan. 16, 2014 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced GenKey, the first all-inclusive turnkey hydrogen solution for material handling sites, which has been added to the company's arsenal of hydrogen fuel cell offerings centered on the GenDrive product suite.
GenKey is comprised of three separate elements: GenDrive fuel cell units, GenFuel hydrogen fuel and infrastructure, and GenCare maintenance service. Plug Power provides full integration and deployment of the entire GenKey package for customers to ensure seamless transition to hydrogen fuel cell-based power for material handling operations.
Moving to a hydrogen infrastructure can be misinterpreted as a complex process, involving multiple vendors and contracts and entailing a lot of internal knowledge and training. GenKey takes complexity out of the equation for the customer by delivering a complete range of services to dramatically simplify the entire process. It is designed so companies can choose any or all of the platform elements to simplify and suit their needs.
"GenKey allows us to increase our value-add for customers through building a comprehensive turnkey solution that streamlines the transition to a hydrogen infrastructure – we do all the hard work, so the customer can focus on the best use of its new-found productivity," said Andy Marsh, CEO of Plug Power. "GenKey also transforms Plug Power's strategic business model from a product-only model, to one with a recurring revenue stream that we expect will add more predictability to our bottom line."
The industry leading GenDrive fuel cell product line provides a comprehensive product suite foundation for warehouse and distribution center lift trucks that are converted from battery to fuel cell power. The fuel cells are a drop-in replacement for lead-acid batteries, fitting precisely into existing compartments on all major OEM material handling equipment.
The new GenFuel component will provide customers with support for the design and construction of an onsite hydrogen fuel infrastructure, either with the retrofitting of an existing facility or via development at a brand new facility. GenFuel services include the design, procurement, commissioning and maintenance for all the components required to successfully dispense hydrogen without disruption to the customer's operations. Plug Power will provide operator training and a constant supply of cost-efficient hydrogen that leverages Plug Power's quantity buying power.
GenCare is an ongoing maintenance service for both the fuel cells and hydrogen infrastructure. It includes advanced system monitoring, preventive maintenance, periodic system enhancements, parts inventory logs, and rapid-response onsite service by GenCare technicians.
About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power is revolutionizing the industry with cost-effective power solutions that increase productivity, lower operating costs and reduce carbon footprints. Long-standing relationships with industry leaders forged the path for Plug Power's key accounts, including Walmart, Sysco, P&G and Mercedes. With more than 4,000 GenDrive units deployed to material handling customers, accumulating over 16 million hours of runtime, Plug Power manufactures tomorrow's incumbent power solutions today. Additional information about Plug Power is available at www.plugpower.com.
Plug Power Inc. Safe Harbor Statement
This communication contains statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including but not limited to statements regarding our expectations regarding the acceptance, performance and impact of our GenKey offering, including a more predictable business model and revenue stream. These forward-looking statements contain projections of our future results of operations or of our financial position or state other forward-looking information. We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict or control and that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Investors are cautioned not to unduly rely on forward-looking statements because they involve risks and uncertainties, and actual results may differ materially from those discussed as a result of various factors, including, but not limited to: the risk that we continue to incur losses and might never achieve or maintain profitability, the risk that we may need to raise additional capital to fund our operations and such capital may not be available to us; the risk that we may not have enough cash to fund our operations to profitability and if we are unable to secure additional capital, we may need to reduce and/or cease our operations; the risk that a "going concern" opinion from our auditors, KPMG LLP, could impair our ability to finance its operations through the sale of equity, incurring debt, or other financing alternatives; 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; the risk that pending orders may not convert to purchase orders; the risk that we fail to comply with NASDAQ's listing standards which may result in our common stock being delisted from the NASDAQ stock market, which may severely limit our ability to raise additional capital; 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 exceeds our projected net cash for operating expenses; the cost and availability of fuel and fueling infrastructures for our products; market acceptance of our GenDrive systems; 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 improve system reliability for our GenDrive 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; and other risks and uncertainties discussed under "Item IA—Risk Factors" in Plug Power's annual report on Form 10-K for the fiscal year ended December 31, 2012, filed with the Securities and Exchange Commission ("SEC") on April 1, 2013 and as amended on April 30, 2013 and the reports Plug Power filed from time to time with the SEC. These forward-looking statements speak only as of the date on which the statements were made and are not guarantees of future performance. Except as may be required by applicable law, we do not undertake or intend to update any forward-looking statements after the date of this communication.
Media Contact Teal Vivacqua 518.738.0239