LATHAM, N.Y., Nov. 16, 2016 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG ), a leader in providing energy solutions that change the way the world moves, formally announced that its successful modular ProGen fuel cell engine technology, previously only available in its own products, will now be available to global customers for use in mobility and stationary power fuel cell systems.
“We are now offering ProGen fuel cell system components to independent companies as the flexible power building blocks for their motive and stationary products under development. ProGen is a key part of our future growth due to its robust and cost-effective simplicity as well as the positive impact it makes to our company’s profitability,” said Andy Marsh, CEO at Plug Power.
Through the modular ProGen line, Plug Power will continue to grow as a third-party engine supplier, providing mobility and stationary customers with industry-leading performance, reliability and time to market. The continued movement to electrification in drive train solutions is inevitable, and Plug Power sees growth opportunities in leveraging ProGen into new markets that include mobility applications such as logistics vehicles, delivery vans, ground support equipment, range extenders and electric passenger vehicles.
About the ProGen Fuel Cell Engine Line
Plug Power initially began shipping products with its ProGen fuel cell engine technology in the fourth quarter of 2015. Currently, the ProGen fuel cell technology, based on proton exchange membrane (PEM) technology, is rapidly becoming incorporated into Plug Power’s GenDrive and GenSure products.
In the first half of 2016, approximately 40 percent of the GenDrive units shipped to mobility customers around the world included a ProGen engine. Plug Power expects to see this trend continue, growing ProGen powered GenDrive system shipments to approximately 70 percent by the end of 2016.
Plug Power ProGen engines are manufactured in the USA at Plug Power factories located in Latham, New York and Spokane, Washington. In the most recent quarter, Plug Power continued integration of ProGen into its newest GenDrive class 2 mobility power product, enabling a 40 percent cost reduction though system simplification.
The Company will have deployed 2,500 ProGen engines in GenDrive fuel cells by the end of 2016, and is anticipating 50 percent growth in ProGen shipments in 2017.
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 serve 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 expectations regarding growth in Europe, revenue, growth with GenKey customers and its project financing platform. 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, 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 (the “SEC”). For additional disclosure regarding these and other risks faced by PLUG, see disclosures contained in PLUG's public filings with 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
