LATHAM, N.Y., Jan. 19, 2011 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG) a leader in providing clean, reliable energy solutions announced the third purchase order it has received from Sysco Corporation for its GenDrive® fuel cell units. The current order comes from Sysco's Front Royal Virginia Baugh Northeast Co-op, Inc. redistribution facility where 100 hydrogen fuel cell units will power the electric lift truck fleet in the 800,000 sq. ft. redistribution center. The order includes:
- 5 class-1 GenDrive units to be used in sit down counterbalanced trucks
- 76 class-2 GenDrive units to be used in standup reach trucks
- 19 class-3 GenDrive units to be used in pallet jacks
Plug Power received the order from Sysco in November, 2010 and delivered 19 class-3 GenDrive units to the customer in December, 2010.
Baugh Northeast has, to date, used lead-acid batteries to power its lift truck fleet. By changing to GenDrive power units, the company will eliminate the need to purchase multiple batteries for each lift truck. Conversion to fuel cells will allow increased fleet utilization and productivity within the facility. Improvements in operational costs will be identified as the infrastructure associated with the lead-acid battery charging, changing and maintenance is removed opening up 5,000 sq. ft. of facility space to use for other business operations.
In addition to increased productivity with lower operational costs, Baugh Northeast will also see an improvement in its environmental footprint. As an alternative energy power unit, GenDrive generates only heat and water as byproducts, reducing greenhouse gas emissions at the Virginia site. By implementing GenDrive solutions, Plug Power customers have been able to reduce greenhouse gas emissions by up to 80 percent.
"Once again, Sysco has distinguished itself as a forward-thinking industry leader," said Andy Marsh, CEO at Plug Power. "And for Plug Power, it's extremely rewarding to see our commercially viable GenDrive products making a substantial impact for another repeat customer. I'm optimistic that we'll see more of Sysco's distribution centers convert to fuel cells as the benefits continue to be realized within the organization." Baugh Northeast is the third Sysco facility to convert its lift truck fleet to GenDrive fuel cells. Prior conversions have occurred at the Sysco Houston and Sysco Philadelphia sites.
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 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: Media Contact: Reid Hislop Plug Power Inc. Phone: (518) 782-7700 ext. 1360 Investor Relations Contact: Cathy Yudzevich Plug Power Inc. Phone: (518) 782-7700 ext. 1448