LATHAM, N.Y., March 16, 2011 (GLOBE NEWSWIRE) -- During a time when rising fuel prices are on the minds of all Americans, everyone, including President Obama, is looking for alternative energy sources to help establish independence from foreign oil. Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, works daily to remind our Country's top policy and business leaders that hydrogen fuel cell systems are not a solution for the future, but are a commercially viable alternative-energy-powered solution today.
Plug Power's GenDrive® fuel cell units replace lead-acid batteries in material handling and industrial trucks for some of North America's largest distribution and manufacturing businesses. Customers include Walmart, FedEx Freight, BMW and Sysco. To date, over 1,000 units operate in the field and have accumulated over 2 million hours of runtime. At the same time, over 250,000 hydrogen fuelings have been performed by Plug Power's customers to date. That equates to over 7,500 fuelings performed by lift truck operators every week.
These impressive statistics are further proof that hydrogen fuel cells are being adopted and used at a commercial level, today. Businesses are phasing out incumbent, toxic technologies in favor of building out their facilities around a reliable hydrogen infrastructure.
"Not only are fuel cells delivering clean, reliable and efficient power to major corporations, military installations and college campuses across the country, they are generating high wage, green jobs, too," said Ruth Cox, president and executive director of the Fuel Cell and Hydrogen Energy Association. "Fuel cells and hydrogen energy systems are American engineered, American manufactured and domestically fueled, supporting U.S. goals for energy independence and a robust clean energy economy."
"Americans are better than the fuel we import to put into our vehicles. That is why we should take a more serious look at fuel cells – units that we make in America, today. These are real products that are creating jobs, cleaning up our environment and increasing our global security. As if that's not enough, this product is export ready – to go from America to other countries around the globe. Instead of pouring billions of taxpayer dollars into foreign oil subsidies while consumers are still gouged at the pump, we should invest in domestic, clean and export ready technology right here in New York."
Plug Power is taking an aggressive approach to communicate this message of commercial viability for hydrogen fuel cells. On Friday, March 18, Plug Power will host Congressman Chris Gibson and David Connors, Regional Director (Capital Region) for New York State Senator, Kirsten Gillibrand. Both individuals will receive a tour of Plug Power's 50,000 sq. ft. manufacturing facility, seeing GenDrive units assembled right here in Latham.
Demonstrating the reliability of GenDrive, Plug Power will be participating in the ProMat 2011 trade show in Chicago, IL on March 21-24. At North America's largest material handling expo, Plug Power will operate, live, a GenDrive fuel cell powering an electric lift truck at its booth space, #3550.
"Plug Power has established itself as the clear leader in developing today's hydrogen fuel cell industry, specifically for the material handling and industrial fleet vehicle industry," said Andy Marsh, CEO at Plug Power. "At Plug Power, we understand that the concrete foundation we are laying today for hydrogen fuel cells will make them viable for additional applications in the future. We are fully committed to lay those building blocks."
To learn more about attend a Plug Power event, please visit our Web site at .
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. (518) 782-7700 ext. 1360 Investor Relations Contact: Cathy Yudzevich Plug Power Inc. (518) 782-7700 ext. 1448