LATHAM, N.Y., Jan. 26, 2017 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy solutions that change the way the world moves, names Young’s Market Company to the long list of premier GenKey customers. Young’s has adopted Plug Power’s innovative hydrogen and fuel cell solutions to power the industrial vehicles at its newly constructed distribution center in Phoenix, AZ. Young’s operates a fleet of 32 GenDrive-fuel cell powered industrial trucks at the facility, which distributes wine, spirits and select beverages within Arizona.
The GenKey hydrogen and fuel cell package replaces lead acid batteries to power electric industrial vehicles, such as lift trucks. Young’s began operating its GenFuel infrastructure to meet the hydrogen fueling needs of its GenDrive units. This streamlined version of Plug Power’s GenFuel product offering enables Plug Power to support customers like Young’s that have fewer than 40 lift trucks.
“Through the scalable GenKey solution, Plug Power is proving the commercial viability of its products for mobility customers of all sizes,” said Andy Marsh, CEO at Plug Power. “The benefits of hydrogen fuel cells are not just available to large lift truck fleets anymore. Plug Power is expanding its market by making products economically practical for deployments with a smaller number of trucks like those seen with Young’s, Dietz and Watson and FreezPak.”
Plug Power’s GenKey solution offers several benefits, including: customers experience a more productive workforce as trucks operate at maximum power for an entire shift; hydrogen fuel cells eliminate costly battery changes that impact productivity and safety; and they reduce greenhouse gas emissions to improve a customer’s environmental footprint.
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.
About Young’s Market Company
Founded in 1888, Young’s Market Company is the premier distributor of wines, spirits and select beverages in the western United States: Alaska, Arizona, California, Hawaii, Idaho, Montana, Oregon, Utah, Washington, and Wyoming. Young’s is committed to providing exemplary professional representation of client partners, adding value to customers, reaching the highest standards of respect for employees, and having a positive impact on people’s lives in the communities where Young’s operates. Young’s best-in-class team lives by four longstanding core values: Integrity, Family, Quality, and Entrepreneurial Spirit.
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.