LATHAM, N.Y. and Paterson, N.J., March 19, 2015 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announces that FreezPak Logistics has selected Plug Power's full-service GenKey solution for its new cold storage distribution center freezer warehouse under construction in Carteret, New Jersey.
The GenKey deployment includes 25 GenDrive fuel cells, a GenFuel outdoor hydrogen storage infrastructure with two indoor GenFuel dispensers, and total GenCare service for both the fuel cells and hydrogen system. In addition, the contract includes a ten-year hydrogen supply agreement. Through the adoption of hydrogen fuel cells, FreezPak will present itself as a pioneer in the cold storage market.
Plug Power has placed great focus on its GenFuel business in 2015 as a path to expand its total addressable market within material handling. For this greenfield site in New Jersey, Plug Power developed a downsized fueling infrastructure scaled to economically meet the needs of FreezPak. Success here is important, as it further proves that Plug Power is an experienced leader in hydrogen storage and dispensing systems.
The GenDrive-powered fleet mix consists of class-3 units for pallet jacks and class-2 units for reach trucks. Plug Power has already manufactured and shipped the entire order, which will begin supporting FreezPak's facility following its opening, planned for the second quarter of 2015. The GenFuel installation is also targeted for completion during the second quarter.
Cold storage applications represent a sweet-spot for Plug Power's GenDrive units. Unlike lead-acid batteries, which display significant performance degradation in cold temperatures, GenDrive fuel cells perform at maximum operation in environments as low as -22 degrees F. Furthermore, performance of GenDrive fuel cells will not diminish over the life of a full operations shift. Battery changes are eliminated and FreezPak operators will refuel the units themselves in just minutes at strategically placed GenFuel dispensers onsite. As an industry leader, FreezPak will be empowered by its GenKey installation to improve productivity and output for each shift, streamlining processes and improving product speed to market.
"This FreezPak deployment is modest in size compared to other GenKey customer sites," said Andy Marsh, CEO at Plug Power. "Previously, the cost of hydrogen was a barrier for smaller operations. Plug Power worked together as partners alongside FreezPak to develop and install a mini-GenFuel system, making the very real operational and productivity benefits of hydrogen fuel cells a reality for smaller fleet customers, like FreezPak."
Brothers, Michael and David Saoud are co-owners of FreezPak Logistics. "FreezPak sees the use of Plug Power's hydrogen fuel cells as a way to bring green technology to our new facility, and a means to improve our operations and better serve customers," said David.
Michael continued, "FreezPak is committed to investing in and adopting sustainable solutions that will allow us to enhance our operations and successfully compete with other cold storage service providers."
The use of GenDrive to power the lift and reach truck fleet in its new facility will allow FreezPak to operate with increased efficiency and remain flexible to customer demands. The state-of-the-art center will feature a pallet freezer and loading dock enlarged with real-estate not being occupied by a battery room. The facility is conveniently located within 5 miles of the New York and New Jersey ports.
About Plug Power Inc.
The powerhouse in hydrogen fuel cell technology, Plug Power is revolutionizing the industry with cost-effective solutions that increase productivity, lower operating costs and reduce carbon footprint. Its signature solution, GenKey, provides an all-inclusive package for customers, incorporating GenFuel hydrogen and fueling infrastructure, GenCare aftermarket service and either GenDrive or ReliOn fuel cell systems. GenDrive, a lead-acid battery replacement, is used in electric lift trucks in high-throughput material handling applications. With more than 6,000 GenDrive units deployed to material handling customers, GenDrive has been proven reliable with over 100 million hours of runtime. Plug Power manufactures tomorrow's incumbent power solutions today, so customers can POWERAhead. Additional information about the Plug Power brands is available at www.plugpower.com.
About FreezPak Logistics
For over 50 years Saoud Enterprises, owners and operators of FreezPak, has faithfully and proudly served the food industry. As a family business, our approach to relationships is different. Highly personal and professional, we have built our business on the longstanding trust of our customers for more than a half-century.
FreezPak Logistics is one of the leading full-service cold and dry storage providers in the United States focused completely on delivering your products to market efficiently with market-leading quality. Our proximity to ports and major highways makes our service efficient and easy. With 10 million cubic feet, FreezPak Logistics facilities include the newest state-of-the-art, near-port facility in Carteret, NJ and Paterson NJ. Both are only minutes away from the largest port on the eastern seaboard and major highways.
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, 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, ReliOn 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, ReliOn 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, 2014. 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.