With continued support from Empire State Development, Plug Power’s new high-tech manufacturing expansion strengthens its position as a leader in cutting-edge hydrogen fuel cell technology
LATHAM, N.Y., Feb. 22, 2019 (GLOBE NEWSWIRE) -- Plug Power Inc. (PLUG), a leading provider of energy solutions that change the way the world moves, announces its continued expansion of high-tech manufacturing in Rochester, NY. Lieutenant Governor Kathy Hochul will join Joe Morelle, the U.S. Representative for New York at a grand opening on February 22, 2019 to discuss New York State’s investment in this project which complements the regionally designed “Finger Lakes Forward” economic development plan. The state’s dedication to clean, renewable energy will be highlighted. Plug Power’s commitment to green job creation is helping this initiative succeed by encouraging economic growth in the local community. With this newest manufacturing expansion, Plug Power is on pace to achieve its goal of creating more than 180 new jobs in clean tech for the state.”
The facility is located at the Eastman Business Park, formerly Kodak Park. Plug Power has partnered with Kodak to utilize its high-speed roll to roll digital coating equipment. Through this relationship, Plug Power gains use of the high-tech capability it needs to ramp up production of its Membrane Electrode Assembly (MEA) technology for zero emission hydrogen fuel cells. Additionally, Plug Power has opened a final assembly facility with partner EEP, allowing the company to keep up with the demands of a growing industry.
“I’ve lived in Upstate New York for over a decade and still continue to be impressed by the availability of bright, inventive minds that are ready and willing to jump right in and work,” said Andy Marsh, CEO, Plug Power. “As the leader of Plug Power, it’s incredible to not only run a business that provides a green solution that is changing the way the world moves, but also where I can help bring more lucrative, green jobs to the people of my own state.”
With a global push for cleaner solutions and reduced carbon emissions, the demand for sustainable technology such as hydrogen fuel cells is crucial. Having the infrastructure and smart, hardworking people to take that next step is essential in order to further grow a clean, and sustainable future. Plug Power’s expansion in the Finger Lakes Region, which is robust with skillful and driven people, as well as access to advanced technology that streamlines the path to safe and cutting-edge technology, ensures Plug Power’s position as the leader in hydrogen fuel cell technology.
"Plug Power joins the growing list of companies expanding and creating jobs in Rochester and the Finger Lakes region," said Lieutenant Governor Kathy Hochul, who made today's announcement in Rochester. "This investment is a boost for good paying clean energy jobs and complements our statewide efforts to focus on renewable energy production to combat the growing threat of climate change."
Congressman Joe Morelle said, “New York has always been a leader in green energy and innovative technology – Plug Power continues that legacy by leveraging our core assets to invest in advanced manufacturing that strengthens our local economy, creates new clean tech jobs while shrinking our carbon footprint. I am grateful to Plug Power and our many government and community partners who remain dedicated to creating new job opportunities and working towards a cleaner, more sustainable future.”
Empire State Development President, CEO & Commissioner Howard Zemsky said, "New York State’s strategic investments in advanced manufacturing and sustainable energy production are supporting innovators like Plug Power in developing new technologies that will drive both the Finger Lakes economy and build the state’s commitment to clean energy industries.”
"Our acquisition of American Fuel Cell last year allowed Plug Power to leverage AFC’s expertise to manufacture innovative MEA technology that’s unique to our vision and customer needs,” said Keith Schmid, COO, Plug Power. "Combining the team’s design capabilities with Kodak’s digital high speed coating technology, we’ve been able to rapidly turn our vision into a reality, producing more than 10,000 of Plug Power’s new MEAs to date, with plans to deliver up to 400,000 in 2019.”
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.
Expanding 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. Learn more at www.plugpower.com.
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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 revenue, growth with GenKey customers. 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 communication 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