Use of GenDrive to Reduce Greenhouse Gas Emissions of Forklift Fleet by Up to 90 Percent
Plug Power CEO Interview Featured on TheStreet.com
LATHAM, N.Y., Feb. 10, 2011 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, celebrates the opening of the nation's first multi-use industrial park fueling station to supply hydrogen directly for industrial, commercial and government use. Plug Power joins GENCO ATC and its customer, Kimberly-Clark Corporation (NYSE:KMB), as 25 GenDrive®-powered Toyota electric lift trucks move product at Kimberly-Clark's 450,000 square foot distribution facility in Graniteville, South Carolina.
By using GenDrive hydrogen fuel cells instead of lead-acid batteries to power its electric lift truck fleet, Kimberly-Clark Corporation can reduce greenhouse gas emissions by up to 90 percent. GenDrive also offers customers increased productivity as material handling equipment runs longer, at full speed, eliminating all signs of battery-droop. By reducing the operational costs associated with lost time in manpower, return on investment for some customer's fuel cell purchases can be realized immediately.
Plug Power will join GENCO ATC, Kimberly-Clark, Air Products (NYSE:APD) and the Aiken-Edgefield Development Partnership for a ribbon-cutting ceremony and technology demonstration on Friday, February 11, 2011 at the Kimberly-Clark facility. Several executive speakers will address this monumental and environmentally favorable project.
"Kimberly-Clark is constantly looking for innovative ways to minimize the impact of our operations on the environment," said Rick Sather, Vice President of Customer Supply Chain at Kimberly-Clark. "We are pleased to partner with GENCO ATC, Plug Power and Air Products to help expand hydrogen fuel cell technology to our entire Toyota forklift fleet. This energy technology can reduce our carbon emissions by hundreds of metric tons per year, lower costs and drive efficiencies to power our operations."
The fueling station and GenDrive-powered forklifts were partially funded through a cost-share award made to GENCO ATC by the U.S. Department of Energy (DOE) through the American Recovery and Reinvestment Act. The DOE intends this funding to accelerate the commercialization and deployment of fuel cells and create jobs in fuel cell manufacturing, installation, maintenance and support services.
As a precursor to the ceremony, Plug Power's CEO, Andy Marsh, conducted an interview with TheStreet.com, Inc., a leading digital financial media company, earlier today. Mr. Marsh discussed the prime commercial market seen in the material handling industry for hydrogen fuel cells today as well as the intense benefits that Kimberly-Clark will realize at its South Carolina facility.
"What's really exciting when looking at today's hydrogen economy, is what Plug Power is doing in the forklift business is just the start of using hydrogen fuel cells in all fleet vehicles," said Andy Marsh. "The hydrogen fuel cell infrastructure at GENCO's customer, Kimberly-Clark, is really the beginning of how to leverage hydrogen assets."
A podcast of Andy Marsh's interview, The Real Story with Gregg Greenberg, can be accessed on Friday, February 11, 2011 from the homepage of Plug Power's Web site, .
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 2011. 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