Plug Power Develops New GenDrive Products for The European Market

·9 min read

New CE-certified products increase Plug Power’s European product portfolio to 15 GenDrive products

LATHAM, N.Y., Oct. 22, 2020 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, has expanded its CE-certified GenDrive product line with the addition of three new fuel cell solutions designed for European industrial and material handling vehicles. The new products include the GenDrive 1600-80H CE for class-1 trucks up to 5 tons, GenDrive 3342-24 CE for class-3 trucks, as well as GenDrive 6100-48 CE for AGVs (automated guided vehicles) and tow-tractors. All three products were developed, engineered, tested, and released into production over the past twelve months to support our growing customer set and applications within the European market. Most notably, the 1600-80H includes Plug Power’s ProGen metal stack technology.

“Plug Power leads customer adoption of hydrogen fuel cells in material handling applications because we are the only company in the world that offers a full turnkey solution with a full product suite to convert every truck in the customer’s fleet,” said Andy Marsh, CEO at Plug Power. “We proved this model in North America and are continuing to fill out the product portfolio for our growing European customer base, which requires certification to European norms. We designed, built and certified not one but three new products to meet these needs—and already have received customer orders from leading auto-manufacturing brands.”

Developed by Plug Power’s global engineering team, the GenDrive 1600-80H CE, 6100-48 CE, 3210-24 CE and 3342-24 CE are drop-in power solutions that offer a seamless replacement for batteries used in existing material handling fleets. The three products are manufactured in Plug Power's vertically integrated facilities and are equipped with Plug Power's leading membrane electrode assembly (MEA) technology. Although they are broadly similar to other GenDrive solutions, all will carry new CE certification due to key differences in product design and application.

Tow-tractors play an important role in the automotive industry, where they are typically used in manufacturing plants to transport vehicle parts between work cells located throughout the facility. Plug Power offers the only fuel cell solution for this application in Europe - key customers include BMW and Daimler. Currently, the majority of tow-tractor fleets in auto-manufacturing applications are battery-powered. However, fuel cells offer distinct advantages for applications such as vehicle assembly, which demand consistent power output, predictability in performance, and have high asset-utilization. Batteries, for example, slow down over a shift and must be recharged for extended periods of time each day—wasting hundreds of hours of productivity each year and taking up valuable floor space in the process. Depleted fuel cells, by contrast, can be refueled in a matter of minutes before immediately resuming normal operations and, even when low on fuel, never slow down like depleted batteries.

Marsh continued, “Product development has always been a core component of the Plug Power brand. Our customers are our closest collaborators, and we’re constantly looking for ways to build innovative solutions to the challenges they face. Given that Plug Power is the only major provider of hydrogen fuel cells in the European material handling market, we’re excited to be introducing new GenDrive fuel cell products to our customers in that part of the world.”

About Plug Power

Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell turnkey solutions. The Company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while meeting sustainability goals.

Plug Power created the first commercially viable market for hydrogen fuel cell technology. As a result, the Company has deployed over 35,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power delivers a significant value proposition to end-customers, including meaningful environmental benefits, efficiency gains, fast fueling, and lower operational costs.

Plug Power’s vertically-integrated GenKey solution ties together all critical elements to power, fuel, and provide service to customers such as Amazon, BMW, The Southern Company, Carrefour, and Walmart. The Company is now leveraging its know-how, modular product architecture and foundational customers to rapidly expand into other key markets including zero-emission on-road vehicles, robotics, and data centers.

Plug Power 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., including but not limited to statements about our expectations regarding the effects of the acquisitions on our company, including our 2020 full-year revenue target and 2024 financial targets; capabilities in hydrogen generation, liquefaction and logistics; moving the hydrogen economy from low-carbon to zero-carbon solutions; reduction in the cost of hydrogen; the amount of hydrogen used by our customers by 2024; the amount of hydrogen that is green by 2024; expansion of United Hydrogen’s hydrogen production capacity; and Giner ELX increasing our overall green hydrogen supply capabilities and growing our servable addressable market. 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[2], 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 of dilution to our stockholders and/or stock price should we need to raise additional capital; 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 may 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, or the delay or inability of payment by one of our 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 our convertible senior notes, if settled in cash, could have a material effect on our financial results; the risk that our convertible note hedges may affect the value of our convertible senior notes and 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; our ability to attract and maintain key personnel; the risks related to use of flammable fuels in our products; the cost and timing of developing, marketing and selling our products; our ability to obtain financing arrangements to support the sale or leasing of our products and services to customers; the ability to achieve the forecasted gross margin on the sale of our products; the risks, liabilities and costs related to environmental, health and safety matters; the risk of elimination of government subsidies and economic incentives for alternative energy products; the cost and availability of fuel and fueling infrastructures for our products; market acceptance of our products and services, 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; general global economic and political conditions that harm the worldwide economy, disrupt our supply chain, increase material costs or reduce demand for our component products (including changes in the level of gross domestic product in various regions of the world, natural disasters, terrorist act, global conflicts and public health crises such as the coronavirus); the risk that possible new tariffs could have a material adverse effect on our business; 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 market, distribute and service our products and services internationally; our ability to improve system reliability for our products; competitive factors, such as price competition and competition from other traditional and alternative energy companies; our ability to protect our intellectual property; the risk of dependency on information technology on our operations and the failure of such technology; the cost of complying with current and future federal, state and international governmental regulations; our subjectivity to legal proceedings and legal compliance; the risks associated with past and potential future acquisitions; the volatility of our stock price; 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 us, see disclosures contained in our public filings with the SEC including, the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 as well as any amendment or update to our risk factors reflected in subsequent filings with the SEC. You should consider these factors in evaluating the forward-looking statements included in this press release and not place undue reliance on such statements. The forward-looking statements are made as of the date hereof, and we undertake no obligation to update such statements as a result of new information.


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