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Plug Power Celebrates One Million Operating Hours for GenDrive Units in the Field
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LATHAM, N.Y., Sept. 23, 2009 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG - News), a leader in providing clean, reliable energy solutions, today announced that its GenDrive(tm) fuel cell solution has exceeded a combined total run time of one million operating hours at material handling customer sites across North America. Plug Power placed the first commercially available unit into the field in 2007 and currently is tracking 379 GenDrive units of its installed base.
The GenDrive fleets consist of a mix of 98 class-1 sit down counterbalance trucks, 2 class-2 standup reach trucks, and 279 class-3 units in pallet jacks and specialty vehicles at more than 20 customer sites. Accumulated runtimes include: class-1 units - 103,532 hours; class-2 units - 3,996 hours; and class-3 units - 903,276 hours.
GenDrive fuel cells are a superior alternative to lead acid batteries in electric lift trucks and allow for maximum performance from the truck for an entire shift. Customers experience increased productivity and reduced operating costs as operators move more product in less time during each shift. Powered by hydrogen, GenDrive eliminates the need to change, store, charge and maintain toxic lead acid batteries. For newly constructed facilities, customers can completely avoid the upfront investment necessary for the costly battery-charging electrical infrastructure. Operators can refuel the units at compact, strategically placed hydrogen stations throughout the distribution center in as little as 60 seconds, and it is safe and easy.
Plug Power's GenDrive units are used in daily operation by major commercial customers such as Wal-Mart, Nestle Waters, Central Grocers, Sysco and Bridgestone Firestone, who alone has accumulated over 440,000 hours of runtime on its GenDrive fleet, and over 20,000 hours of runtime on its first installed GenDrive unit. Parallel to unit operating hours, lift truck drivers have performed over 70,000 refuelings, dispensing 55,000 kilograms of hydrogen.
As Plug Power expands its product offering and extends its reach into the material handling market, hours continue to accumulate at an accelerated rate. "We're seeing operating metrics hitting 25,000 to 30,000 hours per week," said Tom Hoying, Vice President of Sales for Plug Power Inc. "This accomplishment marks yet another significant milestone for Plug Power. The commercial launch of our class-2 product in the fourth quarter will allow customers to fully transition their facilities, and realize the economic, operational and environmental benefits of Plug Power's GenDrive solution."
About Plug Power Inc.
Plug Power Inc. (Nasdaq:PLUG - News), an established leader in the development and deployment of clean, reliable energy solutions, integrates fuel cell technology into motive and continuous power products. The Company is actively engaged with private and public customers in targeted markets throughout the world. For more information about how to join Plug Power's energy revolution as an investor, customer, supplier or strategic partner, please visit www.plugpower.com.
The Plug Power Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4446
Plug Power Inc. Safe Harbor Statement
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding our growth plan. We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict or control and that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements, including, without limitation, the risk that unit orders will not ship, be installed and/or convert to revenue, in whole or in part; Plug Power's ability to develop commercially viable energy products; the cost and timing of developing Plug Power's energy products; market acceptance of Plug Power's energy products; Plug Power's ability to manufacture energy products on a large-scale commercial basis; competitive factors, such as price competition and competition from other traditional and alternative energy companies; the cost and availability of components and parts for Plug Power's energy products; Plug Power's ability to establish 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 fuel and fueling infrastructures for Plug Power's energy products; Plug Power's ability to protect its Intellectual Property; Plug Power's ability to lower the cost of its energy products and demonstrate their reliability; the cost of complying with current and future governmental regulations; the impact of deregulation and restructuring of the electric utility industry on demand for Plug Power's energy products; and other risks and uncertainties discussed under "Item IA - Risk Factors" in Plug Power's annual report on Form 10-K for the fiscal year ended December 31, 2008, filed with the Securities and Exchange Commission ("SEC") on March 16, 2009, and the reports Plug Power files from time to time with the SEC. Plug Power does not intend to and undertakes no duty to update the information contained in this communication.
Contact:
Plug Power Inc.
Media Contact:
Katrina Fritz Intwala
(518) 782-7700 ext. 1360
Investor Relations Contact:
Cathy Yudzevich
(518) 782-7700 ext. 1448
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