LATHAM, N.Y., Nov. 6, 2014 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced that Newark Farmers Market has expanded its investment in hydrogen fuel cell technology, and will be integrating a full GenKey solution to support material handling operations for a new food distribution building now under construction at its Newark, New Jersey site.
Newark Farmers Market has purchased an additional 110 GenDrive units, more than doubling the size of its fuel cell-powered lift truck fleet at the Newark location. This order is comprised of 25 class-2 standup reach truck units and 85 class-3 pallet jack units. Plug Power will deliver the GenDrive units to Newark Farmers Market in the fourth quarter of 2014. Fleet deployment will be completed in the first quarter of 2015.
Under the GenKey contract, Plug Power will construct a complete GenFuel hydrogen infrastructure, including indoor dispensers and outdoor fuel storage. The outdoor infrastructure includes a 15,000 gallon hydrogen tank with dual redundant pumps and gas compressor. This entire GenFuel hydrogen infrastructure will address the current and new GenDrive fleets. Additionally, the contract provides Newark Farmers Market with GenCare aftermarket service and support.
Through its investment in GenKey, Newark Farmers Market anticipates that its material handling fleet efficiency and productivity will continue to help the company see positive results. GenFuel services include the design, procurement, commissioning and maintenance of all fuel-related components required to successfully dispense hydrogen at the facility. Plug Power's GenDrive fuel cell units are designed to interface precisely with GenFuel dispensers, ensuring optimal refueling.
"True validation of our fuel cell solutions is witnessed through repeat customer orders," said Andy Marsh, CEO at Plug Power. "Plug Power took the opportunity to clearly showcase the benefits a GenDrive solution can have on a growing business. Now, we look forward to helping Newark Farmers Market realize even more operational efficiency and cost-savings through their facility expansion and deployment of the complete GenKey package."
"We've been very happy with the fuel cell units that have been running our lift truck fleet since 2011," said David Forem, President of Forem Facility Management, which operates the Newark Farmers Market. "We made the decision to go with Plug Power's full GenKey solution in combination with the construction of our new state-of-the-art food distribution center, because it aligns with our energy-efficiency initiatives and our desire to reduce the environmental impact of warehouse operations on local communities."
Newark Farmers Market has been a Plug Power customer since 2011. Its original GenDrive fleet, consisting of over 100 units, to-date has accumulated over 625,000 hours of run time. The additional fleet ordered for the new refrigerated warehouse, will operate in temperatures kept at a constant 28 degrees F. The power provided by GenDrive remains superior in cold-storage applications. Unlike lead-acid batteries, which deplete even faster in extremely low temperatures, Plug Power's fuel cell units maintain consistent performance in environments as low as –22 degrees F. Productivity is increased as battery droop is eliminated. The hydrogen-based GenDrive units also enable the facility to support sustainable operations, as they generate only heat and water as byproducts.
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 5,000 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.
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.