LATHAM, N.Y., July 29, 2014 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG) today confirms the company has received a follow-on GenKey purchase order from Wal-Mart Stores, Inc. to add an additional, seventh, GenKey site to the original six-site contract it announced in February 2014. This additional site in Sterling, IL consists of 286 GenDrive fuel cell units and is planned to deploy in the third quarter of 2014.
GenKey is Plug Power's all-inclusive hydrogen fuel cell power solution, combining:
- GenDrive fuel cell units
- GenFuel infrastructure construction and hydrogen fuel supply
- GenCare onsite maintenance service
In February 2014, Plug Power received a milestone GenKey order from Walmart to roll out 1,783 GenDrive fuel cells in the forklift fleets at six sites across North America. The first of these sites, in Pottsville, PA, was brought successfully on line during the second quarter of 2014. Plug Power deployed almost 300 GenDrive fuel cell units in Walmart's class-2 and class-3 electric lift trucks. Additionally, Plug Power built and commissioned Walmart Pottsville's outdoor and indoor GenFuel infrastructure in less than 13 weeks following the receipt of the initial order.
To date, the GenDrive units in Pottsville have accumulated over 100,000 hours of run-time, and the GenFuel infrastructure has dispensed more than 9,900 kg of fuel. Utilizing its proprietary dispensers, Plug Power ensures a perfect integration of the refueling system with the GenDrive products.
"The original contract deployments are proceeding, and the timely completion of the first GenFuel build helps validate our turnkey capability," said Andy Marsh, CEO at Plug Power. "We are excited to help Walmart realize the positive impact of GenKey in so many locations in 2014."
GenDrive fuel cell units are currently powering electric lift truck fleets at four Walmart distribution centers in North America – consisting of two sites in Canada and two sites in the USA. Walmart's second Plug Power GenKey site, located in Johnstown, New York, is in the final stages of GenDrive deployment, and is already supported by an on-site GenFuel hydrogen infrastructure. The add-on Sterling, Illinois GenKey site is currently in the planning stages and is expected to be deployed by the end of the third quarter.
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 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.