LATHAM, N.Y., July 19, 2016 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy solutions that change the way the world moves, announces The Carrefour Group as a new GenDrive fuel cell customer in Europe. The retailer will purchase more than 150 GenDrive units, to be deployed in STILL-brand class-2 and class-3 electric lift trucks at Carrefour’s brand new distribution center located in Vendin-lès-Béthune, France.
Headquartered just outside Paris, The Carrefour Group is the leading retailer in Europe and the second-largest retailer in the world, employing more than 380,000 people. With more than 12,300 stores in 30 countries, it generated total revenues of €104.4 billion in 2015. Securing Carrefour as a GenDrive customer is a significant milestone for Plug Power in building its business in Europe, and provides critical validation for hydrogen and fuel cells throughout the continent.
The agreement is part of a significant roll out of Plug Power’s GenDrive fuel cell solution in European countries, where many firms are seeking new technologies that can deliver higher productivity and better environmental sustainability. This supports Carrefour’s commitments to responsible retailing, including reducing energy consumption by 30 percent and greenhouse gas emissions by 40 percent by 2025.
In new facilities, like Carrefour’s Vendin distribution center, the use of hydrogen allows companies to avoid the high costs of building a battery room and related upgrades to electrical infrastructure, and instead apply that budget to more cost-effective hydrogen infrastructure. Carrefour’s hydrogen infrastructure will be completed in the coming months enabling the project to be commissioned in late 2016.
Plug Power’s GenDrive fuel cell solution displaces lead-acid batteries in electric lift trucks and enables customers to increase the productivity of their operations, while reducing operational costs. Plug Power’s product line of CE-certified GenDrive units are available today for use in European material handling customers.
“It is clear to Plug Power that Carrefour is committed to innovation and looking for ways to operate responsibly and improve working conditions for employees and stakeholders,” said Andy Marsh, CEO of Plug Power. “Plug Power understands why Carrefour found our GenDrive fuel cell solutions in line with its philosophy to adopt clean energy in its daily operations and we look forward to helping this new customer grow its businesses.”
This project will receive funding from Fuel Cells and Hydrogen Joint Undertaking emanating from the European Union.
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 of 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.
About Carrefour
As a multi-local, multi-format, and omni-channel retailer, Carrefour employs more than 380,000 people worldwide. With 12,100 stores in more than 30 countries, the group generated revenues of €104.4 billion under banners in 2015. Carrefour is a partner for daily life. Every day, it welcomes more than 13 million customers around the world. Carrefour is committed through its actions to sustainable and responsible trade. The Group's Corporate Social Responsibility worldwide approach is built on three pillars: fighting against waste in all its forms, protecting biodiversity and working alongside the company's partners.
For more information: www.carrefour.com, @CarrefourGroup on Twitter
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, GenSure 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.