LATHAM, N.Y., Oct. 8, 2014 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today welcomed New York State Governor Andrew M. Cuomo to its corporate headquarters in Latham, New York.
During this milestone visit, Governor Cuomo toured the manufacturing facility and then told workers and executives of the dramatic positive impact he expects from the recent 0% manufacturing tax for operations in the State of New York. This is positive news for growing companies, like Plug Power, who are competing worldwide.
Plug Power manufactures 100% of its GenFuel hydrogen dispensing and GenDrive fuel cell products, which are shipped to customers domestically and internationally, from the Latham manufacturing facility. Plug Power has been headquartered in Latham since it's founding in 1997, and opened the world-class manufacturing center in February of 2000.
Today, Plug Power is the leading supplier of hydrogen fuel cells to material distribution facilities worldwide. The company manufactures its full suite of GenDrive hydrogen fuel cell units, as well as GenFuel hydrogen fueling stations for customers such as Walmart, P&G, Kroger and BMW.
Plug Power is a high growth company competing successfully in a worldwide market where many other companies have failed. The economic environment in New York, created by Governor Cuomo, to support manufacturing and manufacturing operations is a critical component to the overall success of New York State companies. As Plug Power continues its accelerated growth path, statewide policies that support job growth can help the company bring more jobs to this region.
"It was a pleasure to tour Plug Power today and see first-hand how businesses in upstate New York are not just surviving but expanding to become national leaders in their industry," said Gov. Cuomo. "From eliminating the manufacturers tax to transforming the state's economic development strategy, we have spent the last four years creating a business-friendly environment that has resulted in the creation of 500,000 jobs and the largest one year drop in upstate unemployment ever recorded. I look forward to continuing to build on the progress we've made in the next four years and working to help businesses like Plug Power keep thriving, creating jobs and growing New York's economy."
"We are happy to have welcomed Governor Cuomo to Plug Power for the first time, and appreciate his tremendous support for manufacturing operations in New York State," said Andy Marsh, CEO at Plug Power Inc. "Governor Cuomo's business development focus is having a positive influence on the growth of manufacturers, state-wide."
As of September 2014, Plug Power had over 6,000 GenDrive fuel cells shipped to over 46 customer sites in North America. These units have accumulated over 20 million hours of runtime. Every day, nearly 6,000 kg of hydrogen is dispensed for fueling Plug Power fuel cells.
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 6,000 GenDrive units shipped 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.
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, order bookings, business model, strategy and growth opportunities. 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; the risk that 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 or contract disputes; the risk of loss related to an inability to maintain an effective system of internal controls or key personnel; the 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 and GenKey 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 and GenKey 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.