LATHAM, N.Y., April 05, 2016 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean, reliable energy solutions, showcases its next generation GenDrive 3340 class-3 pallet jack fuel cell solution at the MODEX trade show currently open at the Georgia World Congress Center in Atlanta. The GenDrive 3340 is on display at MODEX 2016 in the Plug Power booth #1023. Show attendees are invited to simulate a refueling from a GenFuel hydrogen dispenser into the GenDrive fuel cell.
This next generation GenDrive fuel cell system couples the product enhancements learned from over 100 million hours of field runtime with Plug Power’s proprietary proton exchange membrane (PEM) fuel cell stack technology.
This highly reliable system features a new advanced control system, improved system fuel efficiency, and real-time communication capability when paired with Plug Power’s intelligent GenFuel hydrogen infrastructure products. This innovative system allows remote access to real-time performance data and diagnostics by the GenCare services team, resulting in improved fleet performance. This ‘Internet of Things’ capability, which connects Plug Power GenDrive product and application data, is a key enabler to continuous improvement in field reliability and productivity. This intelligence debuts on the GenDrive 3340 and will be a standard feature on all future GenDrive products.
The GenDrive 3340 fuel cell holds enough fuel to sustain a pallet jack for an entire eight-hour shift. Fueled in approximately 90 seconds, GenDrive reduces vehicle and personnel downtime. Power remains consistent during the shift and throughout the life of the product. The GenDrive 3340 has a wide operating temperature range and is designed for use in freezer applications as low as -30 °C.
“Forklift truck uptime is key to warehouse productivity and success, and the intelligence capabilities in the 3340 help us to keep our customers up and running at all times,” said Andy Marsh, CEO of Plug Power. “We’re excited to share the innovations made in the 3340 as this is just the first step in integrating smart technology into our hydrogen and fuel cell products.”
Plug Power will hold a press conference today, Tuesday, April 5 at 10:15 a.m. local time at the Plug Power booth #1023. Plug Power CEO Andy Marsh will speak about the company’s new brand and its leadership in hydrogen solutions for the material handling industry. Its innovative GenDrive 3340 fuel cell will be on display and attendees are invited to simulate a refueling from a GenFuel hydrogen dispenser into the GenDrive fuel cell. At the press conference, Mr. Marsh will take questions from the audience.
GenDrive Series 3000 fuel cells are made in Plug Power’s Latham, New York, plant and are ideal for end rider pallet trucks, center rider pallet trucks, automated guided vehicles and tow tractors and offer flexible product configurations to meet a variety of power and price needs. Plug Power also offers a variety of products for class-1 and 2 electric lift trucks. For more information, visit http://www.plugpower.com/.
About Plug Power Inc.
The architects of modern hydrogen and fuel cell technology, Plug Power has revolutionized the industry with its simple GenKey solution, elements which are designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. Plug Power’s GenKey solution couples together all the necessary elements to power, fuel and service a customer. Plug Power is the partner that customers trust to take their businesses into the future. For more information about Plug Power, visit 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 2016 objectives, including goals relating to revenue, sales, booking, gross margin and GenKey and GenFuel installations 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, 2015. 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.