LATHAM, N.Y., Nov. 26, 2018 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of energy solutions that change the way the world moves, joined Carrefour and other important stakeholders in the logistics sector for the November 22 grand opening of its supply chain distribution center in Vendin-le-Vieil, France. At this facility, Carrefour has deployed 137 Plug Power GenDrive-powered electric forklifts for the two to three shift operation.
The Vendin-le-Vieil facility, a critical arm within Carrefour’s logistics networks in France, receives, stores, and distributes merchandise destined for stores in the region. Carrefour is the second-largest retailer in the world, serving 13 million customers internationally every day. Through the use of Plug Power’s GenDrive fuel cell product, Carrefour can expect increases in efficiency, reliability and improved operator-ergonomics within its STILL lift truck fleet. Additionally, fuel cells enable users to reduce their carbon footprint.
The grand opening provided the opportunity for Carrefour to shed insights on its vision of the future of the logistics market in France and around the world. This includes its leadership position in adopting clean and competitive solutions for large electric vehicle fleets.
“This is the second major deployment of Plug Power’s GenDrive units by Carrefour,” said Andy Marsh, CEO of Plug Power. “With each and every truck that is turned over to hydrogen and fuel cell power, Carrefour is taking another step to engrain its philosophy to adopt clean energy in its daily operations into its employees and stakeholders. Plug Power congratulates Carrefour on its most recent business expansion.”
At the grand opening, Plug Power was represented by Vice President of Global Sales and GM Plug Power Europe, Jose Luis Crespo. Additionally, representatives from STILL (lift truck provider), Air Liquide (hydrogen provider), and HyLIFT-EUROPE (funding partner) were in attendance.
This project had received funding from European Union’s 7th Framework programme (FP7/2007-2013) for the Fuel Cells and Hydrogen Joint Undertaking Technology Initiative under Grant Agreement Number 303451.
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, 2017. 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.
SOURCE: PLUG POWER