LATHAM, N.Y., Jan. 4, 2011 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, is using tremendous momentum from its 2010 success to welcome in the new year. During the year ending December 31, 2010, Plug Power sold over 500 of its GenDrive fuel cell units and manufactured and shipped over 650 units.
In the fourth quarter alone, the Company closed deals equating to over 400 GenDrive units. Some first-time customers include CVS, Coca-Cola and Winco Foods. At the same time, Plug Power received follow-on orders from repeat customers like BMW, Central Grocers and Walmart Canada. Concluding the successful quarter, Plug Power received letters of commitment from customers for another 250-plus GenDrive power units.
Plug Power manufactured and shipped a record number of units for the full year ending December 31, 2010, meeting its milestone of at least 650 unit shipments for the year. During the fourth quarter alone, over 280 units were distributed to customers across North America. These GenDrive customers include Central Grocers, Walmart Canada, Kimberly Clark and Coca-Cola. The Company's Latham, NY manufacturing facility is capable of producing over 10,000 units each year.
"I'm pleased with the continued commercial adoption of our GenDrive solution by new customers and the follow-on orders by existing customers," said Andy Marsh, CEO of Plug Power. "This positive traction is a direct line to significant market transformation within the material handling space."
All of the deals closed in 2010 were without previously required major government subsidies from the Departments of Energy and/or Defense. This is evidence that customers are realizing the value of alternative energy solutions for their material handling businesses today.
Plug Power will discuss overall financial metrics during its regularly scheduled 2010 year-end conference call.
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 Walmart Canada, BMW, and FedEx Freight. With more than 1,000 units in the field and over 2 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