LATHAM, N.Y., Nov. 17, 2016 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy solutions that change the way the world moves, has signed a cooperative memorandum of understanding (MOU) with Zhangjiagang Furui Special Equipment Co., LTD (Furui), along with a leading Chinese industrial vehicle manufacturer, also identified as one of the “big three” Chinese automakers, to develop new fuel cell applications and fueling solutions to be utilized in the large and expanding industrial electric vehicle market in China.
Under the terms of the agreement, the three companies will collaborate to build electric vehicles equipped with Plug Power designed hybrid fuel cell engine systems and hydrogen fueling station solutions. Plug Power and its partners will form a fuel cell vehicle development project team and utilize their substantial financial and research and development resources for a large scale demonstration project.
Near-term deliverables for the program include two industrial delivery truck prototypes, both using Plug Power’s ProGen fuel cell engines, by March, 2017, with a short term projection for more than 500 vehicles and a fueling station network to be deployed in the Shanxi province over the following year. Based on the acceptance of the first 500 units, the program goal is to deploy 13,500 commercial fuel cell vehicles over three years with a widespread fueling station network.
“China has made hydrogen and fuel cell vehicles a key component of the country’s Energy Revolution Program, which includes over $100 billion in investment and runs through 2030,” said Andy Marsh, Plug Power’s CEO. “As a result, China is projected be the largest mobile fuel cell market in the world within the next two to three years. Developing a widespread hydrogen fueling system across China is critical for successful continuation of the country’s adoption of green-vehicle technology.”
About Plug Power’s China Partners
Furui, a leader in China’s development of the compressed and liquefied natural gas industry has developed, deployed, and operates LNG refueling stations throughout China. Furui began to pioneer LNG applications for fleet vehicles such as buses, medium duty trucks and delivery vans in 2004. Today, a well-developed and extensive refueling infrastructure is in place with over 2000 LNG fueling stations deployed in the China market. Furui will capitalize on this proven success and industry knowledge to support the development and deployment of commercial and consumer hydrogen fueling infrastructure.
The Chinese vehicle manufacturer is a leader in developing commercial and industrial vehicles. Their extensive experience spans different size and application types, and includes both traditional gas and diesel powered vehicles, along with numerous battery electric vehicle platforms. Their leadership in the electrical vehicle space includes passenger cars and fleet vehicles such as buses, delivery trucks, and construction vehicles.
Plug Power’s position as the global leader in the deployment of hydrogen fuel cell systems and fueling stations for mobility applications brings a strong foundation of application and field experience to the partnership. This three-way agreement, bringing together the complementary capabilities of the three companies, will help accelerate the development and deployment of commercial fuel cell vehicles and consumer hydrogen fueling infrastructure in the China Market.
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 serve 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 expectations regarding growth in Europe, revenue, growth with GenKey customers and its project financing platform. 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 that, 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 (the “SEC”). For additional disclosure regarding these and other risks faced by PLUG, see disclosures contained in PLUG's public filings with 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.