LATHAM, N.Y., July 26, 2016 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy solutions that change the way the world moves, today announced that Newark Farmers Market has placed an order for 96 next-generation GenDrive fuel cell units to operate its electric industrial truck fleet in Newark, New Jersey. Newark Farmers Market has utilized GenDrive systems as the sole power source for its electric industrial truck fleet since 2011, and have reinvested in the benefits of Plug Power’s GenDrive fuel cells by adopting the next generation product.
In addition, the New Jersey-food distributor completed expansion of its business in 2016, engaging Plug Power for a turnkey GenKey system, adding 110 new GenDrive fuel cells and a GenFuel hydrogen fueling system to its new state-of-the-art food distribution center. Today, Newark Farmers Market operates more than 240 GenDrive units, making it the largest fuel cell-powered electric industrial truck fleet in New Jersey. In total, Newark Farmers Market has operated approximately 1.8 million hours on Plug Power fuel cell power, and operators have performed more than 183,000 hydrogen refuelings.
“This is a success story for Plug Power, as nothing validates our solution better than a satisfied customer who reinvests in our business-enhancing solutions,” said Andy Marsh, CEO at Plug Power. “Newark Farmers Market was an early adopter that has been reaping the benefits of GenDrive fuel cell solutions, and has been seeing the additional benefits through our GenFuel and GenCare services for the last year. We are proud to be a partner in their success.”
“Using a GenDrive-powered lift truck fleet has allowed us to increase productivity and continue to grow our operations in New Jersey,” said David Forem, CEO of Newark Farmer’s Market. “Increased operational efficiency, coupled with improved safety and sustainability impacts, made it easy to reinvest in Plug Power’s hydrogen and fuel cell solutions as we cement our leadership position in the market.”
Plug Power’s innovative GenKey model combines all elements of a deployment together to enable a simple adoption of Plug Power’s hydrogen and fuel cell solution. For industrial mobility applications, GenDrive fuel cell systems enable users to elevate the levels of its workforce by increasing fleet productivity and performance. Material handling professionals like Newark Farmers Market experience unparalleled “best in class” uptime when using Plug Power’s intelligent GenDrive fuel cells to power its material handling equipment.
Plug Power has a history of customers who have reinvested in the GenDrive solution. Newark Farmer’s Market joins the list that also includes Central Grocers, Walmart, Walmart Canada, BMW, Wegmans and Bridgestone.
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.
Plug Power 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 growth in sales and profitability and potential long-term financing solutions. 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, GenSure 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.