LATHAM, N.Y., Sept. 14, 2016 (GLOBE NEWSWIRE) — Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy solutions that change the way the world moves, announces that Mitsubishi Nichiyu Forklift is displaying one of the company’s GenDrive fuel cell systems in its industrial trucks at Logis Tech Tokyo – the culmination of a year of product evaluation and engineering collaboration work by both companies.
Mitsubishi Nichiyu will show the Plug Power GenDrive Model 1600 fuel cell in its own class 1 electric forklift truck. The company has been testing the fuel-cell powered forklift truck in Kyoto since June 2016. The products will be on display in stand #6-607 at the Logis Tech Tokyo event, which takes place Sept. 13-16 in the Big Sight convention center. More than 60,000 logistics industry professionals are expected to attend Logis Tech, which is billed as Japan’s largest exhibition for material handling and logistics.
Mitsubishi Nichiyu is one of the top 10 industrial forklift manufacturers in the world, according to Modern Material Handling Magazine. The company was formed from the merger of Nippon Yusoki Co. Ltd and the forklift division of Mitsubishi Heavy Industries Ltd. in 2012. The merger of these two companies brings about a synergy that has made Mitsubishi Nichiyu Forklift a top global company, offering a full lineup of electric and fuel-powered forklift trucks and automatic guided vehicles.
Plug Power’s GenDrive fuel cells are the industry-leading solution for global industrial mobility applications with more than 121 million hours of run time in many of the largest and most demanding material handling centers in the world. When compared to lead acid batteries, GenDrive fuel cells increase productivity because they can be refueled in two minutes compared to 15 minutes for a battery swap and they experience no power drop in cold weather or when fuel is low. In addition to these productivity gains, GenDrive fuel cells require no battery room and don’t emit any hazardous gases like lead acid batteries. Companies throughout the world, including Walmart, Carrefour, FedEx and others, depend on GenDrive fuel cells.
“Mitsubishi Nichiyu’s decision to promote hydrogen and fuel cell solutions at Japan’s premier logistics event is a high profile way to take our collaboration to the next level,” said Andy Marsh, CEO of Plug Power. “We’ve made significant advances over the last 12 months and I look forward to working with Mitsubishi Nichiyu to take this joint solution to the marketplace.”
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 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.
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