LATHAM, N.Y., March 17, 2014 (GLOBE NEWSWIRE) -- Starting today, Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy products, will be showcasing its comprehensive GenKey hydrogen fuel cell solution during the MODEX 2014 tradeshow taking place March 17-20 at the Georgia World Congress Center in Atlanta.
Plug Power's GenKey solution 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 their material handling operations.
Major material handling businesses are already taking advantage of the GenKey solution. In December of 2013, Plug Power secured Kroger as its first food distribution center GenKey customer. Following up in February of 2014, Plug Power received a multi-site GenKey purchase order from Walmart to roll out its hydrogen fuel cell solution to power the electric lift truck fleets at six North American distribution centers.
The GenKey display at MODEX puts into context how the elements complement one another to enhance the material handling customer's experience with Plug Power's hydrogen fuel cell offering. GenKey takes complexity out of the equation for the customer by delivering a complete range of services to dramatically simplify the entire process.
MODEX is one of the largest expositions in the Americas for manufacturing, distribution and supply chain solutions. The show provides extensive educational opportunities in three solution-specific centers: manufacturing & assembly, fulfillment & delivery, and information technology (IT). Over 800 exhibitors will be on-hand to display products and services representing six types of technology, including the Material Handling Equipment & Systems category into which Plug Power fits.
The Plug Power team will be available in Booth 4826 throughout the show to provide information on GenKey. To schedule a meeting, contact Plug Power at gendrive@plugpower.com.
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 20 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 for 2014 business and financial performance, including our expectations for sales orders, EBITDAS and 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, 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.