LATHAM, N.Y., Sept. 20, 2016 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG ), a leader in providing energy solutions that change the way the world moves, announces that CEO Andy Marsh will take center stage today as a featured speaker at the Wuhan HOME Innovation Summit. The summit is held in Wuhan, China, the capital city of Hebei province and home to China’s 2nd largest auto maker Dongfeng Motor Corporation.
Mr. Marsh’s talk will be given during the conference session “Hydrogen Powered Vehicles: Hydrogen Energy Changes Life and Future.” During this presentation, titled “Clean, Commercial Energy Solutions for Mobility,” Mr. Marsh will highlight how Plug Power’s GenKey hydrogen and fuel cell solutions are currently powering more than 13,000 electric vehicles today in the industrial mobility market, and have powered industrial vehicles for more than 120 million hours in real-world applications.
Plug Power’s success in today’s hydrogen and fuel cell market sets the stage for the industry’s direction over the next quarter century, not just in North America, but globally, as the world becomes more innovative, efficient and environmentally-conscious. Plug Power’s advanced and proven technology is primed to make inroads into other electric vehicle applications, like buses, taxis, fleet cars and utility vehicles. These captive and tethered vehicle fleets have the ability to make use of centralized hydrogen solutions similar to those delivered by Plug Power to its current industrial vehicle customers.
“Plug Power has proven the only viable, commercial application for widespread adoption of hydrogen engines today, a model that can translate into adoption in the Chinese market to meet internationally-set sustainable development goals,” said Andy Marsh, CEO for Plug Power. “Plug Power’s hydrogen fuel cell solutions offer an environmentally-friendly option to power motive applications, producing only heat and water as byproducts of energy creation.”
During the Summit, Mr. Marsh will meet with Mr. Wan, Mayor of Wuhan, in a closed-door session to discuss Plug Power’s existing and planned collaborations with several local business partners. Mr. Wan is expected to give Mr. Marsh an overview of the Wuhan Hydrogen Working Group and the 500 million Chinese Yuan Wuhan Hydrogen Fund, set up to support local hydrogen initiatives, including fuel cell vehicles, hydrogen generation and storage, and hydrogen infrastructures.
The Summit is sponsored by the Chinese Association of Science & Technology (CAST) and Hubei provincial government, and organized by Global Talents and Entrepreneurship Center (Wuhan) and the municipal government of Wuhan. Mr. Shenglian Guo, Lieutenant Governor of Hubei Province, will open the summit, followed by a keynote speech from Mr. Yong Shang, CAST Vice President.
About Plug Power Inc. The architects of modern hydrogen and fuel cell technology, Plug Power has revolutionized the industry with its simple GenKey solution, elements of which are designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. Plug Power’s GenKey solution couples together all the necessary elements to power, fuel and service a customer. Plug Power is the partner that customers trust to take their businesses into the future. For more information about Plug Power, visit www.plugpower.com.
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 2016 objectives, including goals relating to revenue, sales, booking, gross and GenFuel installations, and the GenFund Power-Purchase Agreement program. 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 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. 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, 2015. 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 and Investor Relations Contact: Teal Vivacqua Plug Power Inc. Phone: 518.738.0269
