LATHAM, N.Y., April 21, 2014 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced that in line with its aggressive international growth strategy it has signed a non-binding memorandum of understanding (MOU) with Hyundai Hysco Co. Ltd. (Hysco), to create a joint venture partnership to develop and sell hydrogen fuel cells in countries throughout Asia using Hysco's advanced stack and plate technology.
Specifically, the proposed five-year joint venture will develop, manufacture and sell fuel cell solutions, products and stacks for applications in Asian markets. Under the terms of the MOU, the companies must finalize the details of the joint venture by July 31, 2014.
"This highly anticipated joint venture with Hysco will enable Plug Power to broaden its reach into the Asian market, putting us well on our way toward global market expansion," said Andy Marsh, CEO of Plug Power. "The positive impact on our bottom line from fuel cell sales in the region in 2015 and beyond will play a significant role in our achievement of profitability."
Plug Power is the premier hydrogen fuel cell systems integrator in North America. The company maintains an intellectual property portfolio including more than 150 US patents related to fuel cell stack design, fuel cell system design, fuel processing, fuel dispensing, energy storage and controls.
Hysco's strong R&D Center was founded with the goal of developing cutting-edge products, materials, molding techniques, coating and fluid floating technology, which includes work on fuel cell systems and fuel cell stacks with an emphasis on low cost stack plate technologies. Hysco has a significant presence in the Asian marketplace.
Plug Power manufactures and sells fuel cell units and hydrogen fueling solutions, and is a global leader in the material handling market. The company currently has a significant presence in North America, as well as in Europe, via its HyPulsion joint venture with Air Liquide. Plug Power has over 4,500 GenDrive fuel cell units deployed in the field with customers including Walmart, BMW, Coca-Cola, Lowes, Kroger, Mercedes-Benz, P&G, and Sysco. Plug Power continues to sign new contracts, broaden its customer list of Fortune 500 companies, and expand into new markets both nationally and globally.
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 "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 forecast of financial performance, products and services, business model, strategy and growth opportunities, and competitive position. 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 at, 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; 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 and contract disputes; the risk of loss related to an inability to maintain an effective system of internal controls or key personnel; 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 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 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. For additional disclosure regarding these and other risks faced by PLUG, see disclosures contained in PLUG's public filings with the Securities and Exchange Commission (the "SEC") including, the "Risk Factors" section of PLUG's most recent filings and in the prospectus supplement for this offering. 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.