New GenDrive Order is for Forklift Fleet at Retail Support Center
Center Now Under Construction in West Jefferson, Ohio
LATHAM, N.Y., July 10, 2014 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy products, announced it had participated in the recent grand opening of Ace Hardware's first all hydrogen material handling fleet at the company's newly constructed Wilmer, Texas warehouse. In addition, Ace has ordered further GenDrive units for another distribution center being built in West Jefferson, Ohio.
The grand opening event celebrated the launch of the new Ace Hardware Retail Support Center in Wilmer, Texas, where Plug Power has deployed GenDrive hydrogen fuel cell units for the facility's fleet of class-2 and class-3 lift and reach trucks.
Plug Power sales executives Fernando Corral and Gary Bush were at the Wilmer facility celebration to congratulate Ace Hardware and provide insight into the benefits of fuel cell usage to participants who toured the warehouse and observed the hydrogen-powered vehicles in action.
The recently completed 450,000-square-foot building is designed to better support Ace Hardware's growth initiatives, operational productivity and sustainable service capabilities. The site features nearly 90 loading docks where delivery trucks are loaded and unloaded with forklifts that are conveniently fueled in minutes at hydrogen filling stations located on the premises.
Plug Power's fuel cells have been in operation at the Wilmer, Texas Retail Support Center for the last three months. Efficient run-time results there have given Ace Hardware the confidence to move forward with the deployment of GenDrive units at the distribution center now under construction in Ohio. Upon completion of the Ohio site, Ace Hardware will have over 130 hydrogen-powered vehicles within its organization.
"On behalf of Plug Power, I am happy to congratulate Ace Hardware on the grand opening of its new Texas distribution center and launch of the all hydrogen GenDrive-powered forklift fleet," said Fernando Corral, Plug Power's Vice President of Sales. "Our team is extremely pleased to know that the GenDrive fuel cell units deployed in Wilmer are beginning to provide strong operating efficiencies and we look forward to installing the next round of GenDrive units for Ace at its new facility in Ohio."
"Now that Ace Hardware's state-of-the-art retail support center is operating, we can see what a positive difference it makes to have Plug Power's hydrogen fuel cells in our lift trucks," said Rick Whitson, Vice President of Retail Support, Ace Hardware Corporation. "Our material handling equipment drivers can re-fuel quickly, and maintain a clean space, while supporting our efforts to use clean energy."
Ace Hardware's West Jefferson, Ohio Retail Support center will span approximately 534,000 square feet. Ace Hardware plans to use the GenDrive units for its material handling fleet at the facility.
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.
About Ace Hardware
For 90 years, Ace Hardware has been known as the place with the helpful hardware folks in thousands of neighborhoods across America, providing customers with a more personal kind of helpful. In 2014, Ace ranked "Highest in Customer Satisfaction with Home Improvement Retail Stores, Eight Years in a Row," according to J.D. Power. With more than 4,850 hardware stores locally owned and operated across the globe, Ace is the largest hardware cooperative in the industry. Headquartered in Oak Brook, Ill., Ace and its subsidiaries currently operate 14 distribution centers in the U.S. and also have distribution capabilities in Shanghai, China; Panama City, Panama; and Dubai, United Arab Emirates. Its retailers' stores are located in all 50 states, the District of Columbia and approximately 60 countries. For more information on Ace, visit www.acehardware.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 Annual Report on Form 10-K for the year ended December 31, 2013. 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.