Re-Up Order Replaces Earlier Model GenDrive Fleet in Operation Since 2009 With Next-Generation Fuel Cells
Plug Power Inc. (NASDAQ: PLUG), a leader in providing clean, reliable energy products, today announced that Central Grocers has placed an order for 182 next-generation GenDrive fuel cell units to operate its electric lift truck fleet in Joliet, IL. In addition, Central Grocers has signed a 5-year GenCare service contract withPlug Power for the GenDrive fleet.
Central Grocers has been operating GenDrive as the sole power source for its class-2 and class-3 lift truck fleet since 2009 at its Joliet, IL, facility that was built from the ground up with a hydrogen infrastructure in place. The new units will be replacing the original fleet after operating for more than two million hours. Central Grocers was the first grocery warehouse of its kind in the world, where all goods were handled with hydrogen fuel cell-powered lift trucks. The new units are expected to be operational at Central Grocers by the third quarter of 2014.
“This is a success story for Plug Power, as nothing validates our solution better than a satisfied customer who orders more,” said Andy Marsh, CEO at Plug Power.“ Central Grocers was an early adopter that has been reaping the benefits of GenDrive fuel cell solutions, and will now see additional benefits through our GenCare services.”
“Hydrogen fuel cells run longer and maintain consistent power as they operate and are refueled more quickly than batteries,” said Ken Nameth of Central Grocers. “Our operators are pleased with the lift trucks powered by GenDrive, and management has been impressed by the high levels of productivity within our facility.”
PlugPower has a history of customers who have reinvested in the GenDrive solution. Central Grocers is added to a list that includes such customers as Walmart, BMW, Kroger, Wegmans and Bridgestone.
The architects of modern fuel cell technology, Plug Power is revolutionizing the industry with cost-effective power solutions that increase productivity, lower operating costs and reduce carbon footprints. Long-standing relationships with industry leaders, including Walmart, Sysco, Procter & Gamble, and Mercedes Benz, forged the path for Plug Power’s innovative GenKey hydrogen and fuel cell system solutions. With more than 4,500 GenDrive units deployed to material handling customers, accumulating over 20 million hours of runtime, Plug Power manufactures tomorrow’s incumbent power solutions today. Additional information about Plug Power is available at www.plugpower.com.
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This communication contains “forward-lookingstatements” within the meaning of the Private Securities Litigation Reform Actof 1995 that involve significant risks and uncertainties about Plug Power Inc.(“PLUG”), including but not limited to statements about PLUG’s forecast offinancial performance, products and services, business model, strategy andgrowth opportunities, and competitive position. You are cautioned that suchstatements 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 aresubject to risks and uncertainties that could cause actual performance or resultsto differ materially from those expressed in these statements. In particular,the risks and uncertainties include, among other things, the risk that wecontinue to incur losses and might never achieve or maintain profitability; therisk that we will need to raise additional capital to fund our operations andsuch capital may not be available to us; our lack of extensive experience inmanufacturing and marketing products may impact our ability to manufacture andmarket products on a profitable and large-scale commercial basis; the risk thatunit orders will not ship, be installed and/or converted to revenue, in wholeor in part; the risk that pending orders may not convert to purchase orders, inwhole or in part; the risk that a loss of one or more of our major customerscould result in a material adverse effect on our financial condition; the riskthat a sale of a significant number of shares of stock could depress the marketprice of our common stock; the risk that negative publicity related to our businessor stock could result in a negative impact on our stock value andprofitability; the risk of potential losses related to any product liabilityclaims and contract disputes; the risk of loss related to an inability tomaintain an effective system of internal controls or key personnel; risksrelated to use of flammable fuels in our products; the cost and timing ofdeveloping, marketing and selling our products and our ability to raise thenecessary capital to fund such costs; the ability to achieve the forecastedgross margin on the sale of our products; the risk that our actual net cashused for operating expenses may exceed the projected net cash for operatingexpenses; the cost and availability of fuel and fueling infrastructures for ourproducts; market acceptance of our products, including GenDrive systems; thevolatility of our stock price; our ability to establish and maintainrelationships with third parties with respect to product development,manufacturing, distribution and servicing and the supply of key productcomponents; the cost and availability of components and parts for our products;our ability to develop commercially viable products; our ability to reduceproduct and manufacturing costs; our ability to successfully expand our productlines; our ability to successfully expand internationally; our ability toimprove system reliability for our GenDrive systems; competitive factors, suchas price competition and competition from other traditional and alternativeenergy companies; our ability to protect our intellectual property; the cost ofcomplying with current and future federal, state and international governmentalregulations; risks associated with potential future acquisitions; and otherrisks and uncertainties referenced in our public filings with the Securitiesand Exchange Commission. For additionaldisclosure regarding these and other risks faced by PLUG, see disclosurescontained in PLUG’s public filings with the Securities and Exchange Commission(the “SEC”) including, the “Risk Factors” section of PLUG’s Annual Report onForm 10-K for the year ended December 31, 2013. You should consider thesefactors in evaluating the forward-looking statements included in thispresentation and not place undue reliance on such statements. The forward-lookingstatements are made as of the date hereof, and PLUG undertakes no obligation toupdate such statements as a result of new information.
Source: Plug Power
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