Customer shipments to begin in July 2019
LATHAM, N.Y., March 28, 2019 (GLOBE NEWSWIRE) -- Plug Power Inc. (PLUG), a leader providing energy solutions that change the way the world moves, today announced the launch of its 30 kilowatt (kW) hydrogen fuel cell engine, the newest commercial product from the ProGen suite of products. The reliable ProGen 30kW engine provides a cost-effective solution to meet the needs of today’s electric vehicle (EV) use-case, including high utilization, extended runtimes, reliable performance in harsh environments, rapid fueling, and zero emissions. ProGen industry-leading products make it simple for original equipment manufacturers (OEMs) to adopt sustainable fuel cell power.
Delivery of the first commercial orders for this product are scheduled in July 2019 to European and Asian on-road e-mobility applications. The modular pre-engineered ProGen engines allow OEMs to rapidly convert commercial fleet vehicles to zero emission powertrains, reduce time to market, and benefit from the ProGen volume leverage in the overall market. The complete 30kW ProGen engine solution contains the fuel cell stack, required balance of plant, dc/dc converter, and cooling. Delivery vans and light/medium duty cargo box trucks are some of the leading applications for the 30KW ProGen hydrogen engine.
“At Plug Power, we’re continuing to lead the hydrogen industry by setting the agenda to further shape the way we power the e-mobility market. This product launch is just one example of the innovation that will come from us in 2019,” said Andy Marsh, CEO of Plug Power. “We’re excited to start shipping this higher capacity engine to our customers around the world, allowing them to efficiently power a range of vehicles and move to the reality of on-road applications powered by hydrogen.”
The demand for Plug Power products underscores how hydrogen is ideally positioned to be the fuel of the future when it comes to the electrification of transportation. According to KPMG’s most recent report, hydrogen fuel cell electric vehicles have replaced battery electric vehicles as the no. 1 key trend in the automotive industry until 2025. A McKinsey report further backs this trend, predicting that by 2050, hydrogen could power a global fleet of more than 400 million cars, 15 to 20 million trucks, and around 5 million buses, which constitute on average 20 to 25% of their respective transportation segments.
As major enterprise companies around the world invest in a combination of hydrogen and battery powered electric vehicles, they’ve seen increased range and vehicle uptime while simultaneously enjoying decreased fuel and maintenance costs. Plug Power looks forward to leading this e-mobility revolution with continued additions to the growing line of ProGen products.
Named to Fast Company’s 2019 “Most Innovative Companies” list, Plug Power leads the hydrogen fuel cell revolution. With over 20 years developing this technology, the company to date has delivered over 25,000 fuel cells to the market with more than 180 million hours of fleet operation, as well as over 17 million hydrogen refuels.
About Plug Power Inc.
The architect of modern hydrogen and fuel cell technology, Plug Power is the innovator that has taken hydrogen and fuel cell technology from concept to commercialization. Plug Power has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. The Company’s GenKey solution couples together all the necessary elements to power, fuel and serve a customer. With proven hydrogen and fuel cell products, Plug Power replaces lead acid batteries to power electric industrial vehicles, such as the lift trucks customers use in their distribution centers. Extending its reach into the on-road electric vehicle market, Plug Power’s ProGen platform of modular fuel cell engines empowers OEMs and system integrators to rapidly adopt hydrogen fuel cell technology. ProGen engines are proven today, with thousands in service, supporting some of the most rugged operations in the world. Plug Power is the partner that customers trust to take their businesses into the future. 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, 2017. 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.
SOURCE: PLUG POWER