Plug Power Announces Additional Site for Procter & Gamble
Fuel Cells Now Powering Lift Trucks at Four P&G Manufacturing Facilities
LATHAM, N.Y., Nov. 29, 2012 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced that Procter & Gamble Co., (NYSE:PG) has selected its GenDrive® fuel cell products to power its electric lift truck fleet in its manufacturing facility located in Mehoopany, PA. This additional facility now brings to four the number of sites converting to GenDrive fuel cells. Over 340 units will now be deployed throughout Procter & Gamble's manufacturing infrastructure. Additional P&G sites using green fuel cell technology include facilities in California, North Carolina and Louisiana.
Unlike the incumbent technology, GenDrive is powered by hydrogen, ensuring constant voltage to the truck and has a fueling cycle that takes just minutes. Lead-acid batteries need to be changed, charged, stored and maintained, a process that is timely and involves costly infrastructure. Since GenDrive is powered by hydrogen, an emerging clean-energy fuel, it is estimated that greenhouse gas emissions are reduced by more than 60 percent.
"Plug Power's GenDrive product is delivering increased fleet productivity, decreased facility operating costs and reduced greenhouse gas emissions at customer sites throughout North America," said Andy Marsh, CEO at Plug Power. "P&G is one of six Fortune 100 companies to convert multiple facilities to GenDrive fuel cells. With this fourth site conversion, P&G will lessen its environmental impact while realizing increased productivity, reduced operating costs and better predictability of its fleet performance."
About Plug Power Inc.
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 forged the path for Plug Power's key accounts, including Walmart, Sysco, P&G and Mercedes. With more than 3,000 GenDrive units deployed to material handling customers, accumulating over 8.5 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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Plug Power Inc. Safe Harbor Statement
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations that are subject to certain assumptions, risks and uncertainties, any of which are difficult to predict, are beyond our control and that may cause our actual results to differ materially from the expectations in our forward-looking statements including, but not limited to: the risk that we continue to incur losses and might never achieve or maintain profitability, the risk that we expect we will need to raise additional capital to fund our operations and such capital may not be available to us; 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; the risk that our continued failure to comply with NASDAQ's listing standards may severely limit our ability to raise additional capital; the cost and timing of developing 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 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 GenDrive systems; 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 improve system reliability for our GenDrive 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; and other risks and uncertainties discussed, but are not limited to, those set forth in (i) "Item IA-Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011, filed with the Securities and Exchange Commission ("SEC") on March 30, 2012 and (ii) in our quarterly report on Form 10-Q for the quarter ended September 30, 2012 filed with the SEC on November 14, 2012, as well as in the other reports we file from time to time with the SEC. We do not intend to, and undertake no duty to; update any forward-looking statements as a result of new information or future events.
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