LATHAM, N.Y., Nov. 19, 2015 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean, reliable energy solutions, announces European supermarket leader Colruyt Group as its next GenDrive fuel cell customer in Europe. Colruyt Group will use 200 GenDrive units in its Halle, Belgium, facility. The units will be rolled-out in two phases: 75 units in phase one and 125 in phase two.
Colruyt Group distinguishes itself through the value-driven craftsmanship of its products and the sustainable entrepreneurship in its operations. The company's sustainability initiatives involve optimizing its own operations and collaborating with others in its supply chain to minimize its impact on the environment.
Adoption of the GenDrive fuel cell solution enhances this initiative – Colruyt Group increases efficiency of its workers, in a safer environment by removing lead-acid batteries from the work place. GenDrive is powered by clean hydrogen fuel, generating only heat and water as byproducts.
Colruyt Group is an €8.6 billion chain of supermarkets in Belgium and France. "Already for many years, sustainable entrepreneurship has been embedded in the Colruyt Group's DNA as an essential part of our business culture," said Jonas Cautaerts, Project Engineer Energy & Environment. "We aim to set a positive spiral in motion from an economic perspective but also to create added value in the social and ecological field. Step by step, bit by bit, we are making progress, although we realize that this is an ongoing process. Hydrogen is one of the many projects we have developed to reduce our ecological impact."
"Plug Power's GenDrive hydrogen fuel cell systems fits nicely with the technology-forward mission and innovative operational leadership of Colruyt Group," said Andy Marsh, CEO for Plug Power. "The company's use of GenDrive benefits its operations, its employees and its communities. We look forward to helping the company continue to grow its sustainability efforts as its business grows in Europe."
The value delivered by hydrogen fuel cells is shared by Plug Power customers in North America and Europe alike. Plug Power continues to expand its operations in the $20 billion European electric lift truck market with its hydrogen and fuel cell products. The Plug Power European sales team is currently targeting manufacturing and distribution customers in European territories where the value of increased productivity is especially high.
About Plug Power Inc.
The powerhouse in hydrogen fuel cell technology, Plug Power is revolutionizing the industry with cost-effective solutions that increase productivity, lower operating costs and reduce carbon footprint. Its signature solution, GenKey, provides an all-inclusive package for customers, incorporating GenFuel hydrogen and fueling infrastructure, GenCare aftermarket service and either GenDrive or ReliOn fuel cell systems. GenDrive, a lead-acid battery replacement, is used in electric lift trucks in high-throughput material handling applications. With more than 9,000 GenDrive units deployed with material handling customers, GenDrive has been proven reliable with over 107 million hours of runtime. Plug Power manufactures tomorrow's incumbent power solutions today, so customers can POWERAhead. Additional information about the Plug Power brands is available at www.plugpower.com.
Plug Power Inc. 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 2015 guidance for revenue, gross margin, GenFuel hydrogen infrastructure construction and order bookings, as well as growth in new customers and other growth opportunities. 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 at, 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 will not be able to obtain financing arrangements to support the sale or leasing of our products and services to customers; 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, ReliOn 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, ReliOn 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. For additional disclosure regarding these and other risks faced by PLUG, see disclosures contained in PLUG's public filings with the Securities and Exchange Commission (the "SEC") including, the "Risk Factors" section of PLUG's Annual Report on Form 10-K for the year ended December 31, 2014. 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.
Media Contact Teal Vivacqua 518.738.0269
