LATHAM, N.Y., Feb. 10, 2014 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced it has received a significant GenKey contract from a leading retailer to roll out its turnkey hydrogen fuel cell system solutions at six North America distribution centers over approximately a two year period. The first site is expected to be operational in the second quarter of 2014.
With this deal, Plug Power solidifies its position as the premier global proton exchange membrane (PEM) fuel cell system solution provider. This landmark contract is a result of demonstrated performance and customer trust gained through proven Plug Power expertise and know-how. The contract is a notable event in the history of the mobile fuel cell industry and demonstrates that this technology has become mainstream.
The multi-site GenKey deal includes over 1,500 GenDrive PEM fuel cell power units coupled with multi-year contracts for GenFuel hydrogen, GenFuel fueling infrastructure, and GenCare service. GenKey makes the transition to hydrogen fuel cell power seamless for customers, as Plug Power delivers a complete range of turnkey services to simplify the conversion process.
"GenKey accelerates the transition to GenDrive fuel cells and enables rapid fleet conversion. This allows customers to swiftly realize the advantages of increased productivity and improved environmental benefits," said Andy Marsh, CEO of Plug Power. "This turnkey deal represents a significant milestone for Plug Power. We've, without a doubt, clearly demonstrated our leadership position as the premier provider of industrial fuel cell solutions. In the coming year, we plan to grow not only in the material handling industry, but also expand into other fleet vehicle applications such as transport refrigeration units, ground support equipment and range extenders."
Plug Power has over 4,500 GenDrive units deployed with leading North American material handling operators, such as Walmart, Procter & Gamble, Kroger, BMW and Mercedes Benz. GenDrive is an attractive power solution that improves customer productivity while reducing operational costs. GenDrive replaces multiple lead acid batteries, eliminates time-consuming battery changes and operates at 100% output power for a full shift without the effects of battery degradation. Furthermore, GenDrive fuel cells offer environmental benefits to customers, supporting sustainable operations through greenhouse gas emission reductions when compared to charging batteries from the grid.
Further information on this deal will follow in future press releases.
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, including Walmart, Sysco, Procter & Gamble, and Mercedes Benz, forged the path for Plug Power's innovative GenKey hydrogen and fuel cell system solutions. With more than 4,500 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.
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 timing and rollout of the new GenKey contract, the performance of our GenKey offering and the expansion into new markets. 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.