LATHAM, N.Y., Oct. 12, 2010 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced it is deploying a fleet of 86 GenDrive™ fuel cell units with customer, BMW Manufacturing Co., LLC. The power units will be used at BMW's newly constructed Greer, South Carolina automotive manufacturing plant in class-1 sit-down counterbalance, class-2 reach and class-3 rider pallet trucks. The lift trucks are manufactured by The Raymond Corporation and Crown Equipment Corporation.
Plug Power's GenDrive units competed against lead-acid batteries and fast charge batteries to be deemed the best power source for BMW's material handling fleet. GenDrive is able to offer BMW increased productivity of its lift truck fleet as well as a more efficient use of its facility space. Operational costs are reduced as a result of decreased operator and vehicle downtime. GenDrive fuel cells can be fueled by truck drivers in 60 to 180 seconds. On average, it takes specialized maintenance personnel 20 minutes to change out a depleted lead-acid battery.
BMW will also see reduced greenhouse gas emissions by using GenDrive power units in its operations. Because GenDrive is powered by hydrogen, the only byproducts are heat and water. The removal of toxic lead-acid batteries from this new facility also creates a safer environment for employees as well as the community and helps fulfill BMW's commitment to a hydrogen based economy.
BMW Manufacturing's new 1.2 million sq. ft. assembly plant is being built north of its already-operational production facility. "With proven benefits to BMW's business and an existing hydrogen infrastructure in place, there is a high potential to convert the entire campus to GenDrive-powered material handling vehicles over the next three years," said Andy Marsh, Plug Power's CEO.
"BMW is pleased to work with partners that share our commitment to clean production. The implementation of a hydrogen fuel cell based application for our material handling equipment helps solidify BMW's position as the leading, sustainable automotive manufacturer," stated Robert Hitt, Department Manager of Public Affairs for BMW Manufacturing.
Linde North America, a member of The Linde Group, one of the world's largest hydrogen energy producers, is supplying the indoor hydrogen fueling system to power the trucks.
Mike Beckman, vice president of Linde's alternative energy team, said, "Linde's partnership with Plug Power allows us to use our expertise in alternative energy technology and supply systems to deliver safe, clean and efficient hydrogen fueling to BMW and other manufacturing and warehouse customers."
About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power revolutionized the industry with cost-effective power solutions that increase productivity, lower operating costs and reduce carbon footprints. Long-standing relationships with industry leaders forged the path for our key accounts, including Wegmans, Whole Foods, and FedEx Freight. With more than 1,000 units in the field and over 1.5 million hours of runtime, Plug Power manufactures tomorrow's incumbent power solutions today. Visit us at www.plugpower.com.
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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 expectations regarding revenues and product orders for 2010. These statements are based on current expectations that are subject to certain assumptions, risks and uncertainties, any of which are difficult to predict, are beyond our control and that may cause our actual results to differ materially from the expectations in our forward-looking statements including statements regarding the risk that unit orders will not ship, be installed and/or convert to revenue, in whole or in part; the cost and timing of developing our products and our ability to raise the necessary capital to fund such development costs; the ability to achieve the forecasted gross margin on the sale of our products; the 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 GenDrive system; 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 improve system reliability for GenDrive; competitive factors, such as price competition and competition from other traditional and alternative energy companies; our ability to manufacture products on a large-scale commercial basis; our ability to protect our intellectual property; the cost of complying with current and future governmental regulations; and other risks and uncertainties discussed under "Item IA-Risk Factors" in our annual report on Form 10-K for the fiscal year ended December 31, 2009, filed with the Securities and Exchange Commission ("SEC") on March 16, 2010, and the reports we file from time to time with the SEC. Plug Power does not intend to, and undertakes no duty to update any forward-looking statements as a result of new information or future events.
CONTACT: Plug Power Inc. Media Contact: Reid Hislop (518) 782-7700 ext. 1360 Investor Relations Contact: Cathy Yudzevich (518) 782-7700 ext. 1448