GlobeNewswire
LATHAM, N.Y., Aug. 15, 2019 (GLOBE NEWSWIRE) -- Plug Power, Inc. (PLUG) (NASDAQ: PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, announce an upcoming event that will celebrate the results of Albany International Airports first hydrogen fuel cell-powered ground support equipment (GSE). The event is slated to take place this afternoon, August 15, at Plug Power headquarters in Latham, NY, and will bring together speakers from several of the partner organizations behind the Albany initiative, as well as special guests including U.S. Representative Paul Tonko.
Originally announced in April 2019, the new GSE fleet at Albany International Airport comprises a contingent of fuel cell-powered electric cargo tuggers tasked with transporting packages from the airports FedEx sorting facility to its delivery airplanes. The vehicles were commissioned in February of 2019 as part of a U.S. Department of Energy program between Plug Power, Charlatte America, and FedEx.
The FedEx fuel cell-powered cargo tuggers have posted impressive results after months of operation, and Plug Powers upcoming event will provide media and other attendees with an inside look at the biggest successes and key learnings generated by the project. Additionally, Plug Power will showcase its outdoor hydrogen fueling infrastructure, one of the first outdoor fueling stations built in New York State. Since February, the cargo tuggers have operated 5 days a week, and endured extreme temperatures ranging from 5 degrees F to 91 degrees F. This included 41 days of below-freezing temperatures during the test period. The ground support vehicles were built by Charlatte America and operate using Plug Powers zero emission ProGen hydrogen engines.
Electric GSE vehicles produced by Charlatte America offer numerous benefits as compared to industry competitors and require significantly less maintenance than equipment powered by traditional internal combustion engines. Augmented with Plug Powers ProGen hydrogen fuel cell technology, the new FedEx cargo tuggers are capable of towing as much as 40,000 lbs. for up to four hours without stopping, and only require three or four minutes of downtime for each refueling.
These zero-emission vehicles are remarkably energy efficient, boasting an average efficiency rating of about 45%. Wear and tear on the vehicle is also considerably lower when compared to other GSEs, meaning they have minimal requirements for routine maintenance such as oil changes, brake service, and starter replacements. As a result, the new vehicles offer an effective means of reducing operational costs while increasing productivity.
Plug Powers work bringing hydrogen fuel cell power to FedEx and Albany International Airport proves once again that fuel cells are ready to take center stage, said Andy Marsh, CEO, Plug Power. FedEx moves a tremendous volume of packages through its Albany operation each day, and these vehicles have risen to the occasion while withstanding the most challenging conditions. Were eager to show off the success of this program and the learnings weve gained that will help us expand the use of fuel cell vehicles, both in the world of shipping and logistics, and far beyond.
FedEx is committed to minimizing its environmental impact by applying new, innovative technologies and solutions as part of our Reduce, Replace, Revolutionize strategy, said Mitch Jackson, chief sustainability officer, FedEx Corp. We are thrilled we were able to participate in this program by including these clean, hydrogen-powered electric vehicles in our airport delivery fleet. This is just one way FedEx is helping revolutionize new, responsible environmental solutions to increase efficiency and reduce airport waste and emissions in our local communities.
The nations airports are making a determined effort to reduce the use of carbon-base fuels in their ground handling equipment and Plug Power has proven to be an innovative force in reducing the carbon footprint of FedEx and the Albany International Airport, said John A. ODonnell, CEO of the Albany County Airport Authority.
Our Capital Regions own Plug Power continues to build success as a leader in clean energy here and throughout the country, said Congressman Tonko. Knowing that transportation is one of the leading drivers of greenhouse gas emissions, I am proud that our own Albany International Airport is partnering with local companies here to improve the efficiency and effectiveness of their operations. Responsible environmental practices and improvements to our transportation systems are a win for everyone.
Plug Power currently has deployed more than 28,000 GenDrive fuel cells in the field worldwide. The Department of Energys Fuel Cell Technologies Office within the Office of Energy Efficiency and Renewable Energy supports early stage R&D that enables progress in hydrogen and fuel cell technologies, and has collaborated with Plug Power, FedEx, and Charlatte on this project.
Media Event and Product Demonstration Details:
Date: Thursday, August 15, 2019
Time: 12:30 p.m. 1:30 p.m. EDT
Location: Plug Power 968 Albany Shaker Road, Latham, NY 12110
Program: In addition to VIP remarks, guests will see GSE product demonstrations including a hydrogen refueling
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 Companys 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 Powers 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.
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., 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, 2018. 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
Media Contact
Kate Gundry
Pluck
617.797.5174
plugpower@pluckpr.com
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Source: Plug Power, Inc. 2019 GlobeNewswire, Inc. |
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