Company Receives Orders From 5 New Customer Sites for GenDrive Products
First GenDrive Product Order From Europe Received
LATHAM, N.Y., April 1, 2011 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, received 534 orders from material handling customers for its GenDrive® fuel cell product during the first quarter of 2011, ended March 31. Building off of momentum from the fourth quarter of 2010, where the company received 419 GenDrive orders, this achievement set a new bar for both Plug Power and the hydrogen fuel cell industry; never before has any fuel cell manufacturer closed as many orders in one quarter of business.
Plug Power adds five new customer sites to its growing list of fuel cell adopters. These new sites will receive a mix of class-1 units for sit down counterbalanced trucks, class-2 units for reach trucks and class-3 units for rider pallet jacks. The GenDrive products will power electric lift truck fleets in New York, Massachusetts, Texas and New Jersey. Plug Power also received follow-on orders for additional units from BMW in South Carolina and Bridgestone in Tennessee.
During 2010, Plug Power had been focused on providing its GenDrive product to customers in North America. But during the first quarter of 2011, the company successfully entered the European market with an order for ten GenDrive fuel cell units to be supplied to a customer in France. These GenDrive units, compatible with European-style lift trucks, will power a fleet used to handle a large variety of welding supply components in a distribution and warehousing center.
"Coming off of a tremendously successful year in 2010, our sales team was pushed to not meet, but exceed, the targets put in front of them," said Andy Marsh, CEO at Plug Power. "They accepted this challenge head-on and delivered an extraordinary number of orders. While a success for Plug Power, this is more a reflection of the progressive material handling operations seen globally. Plug Power's customers realize the necessity behind making changes in how they use energy, today, to benefit the perception and utilization of fuel cell energy in the future."
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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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 and shipments 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, but not limited to: the risk that we continue to incur losses and might never achieve or maintain profitability, the risk that the additional capital we expect we will need to raise to fund our operations beyond the first quarter of 2012 may not be available; our lack of extensive experience in manufacturing and marketing products may impact our ability to manufacture and market products on a profitable and large-scale commercial basis; the risk that unit orders will not ship, be installed and/or converted to revenue, in whole or in part; the risk that pending orders may not convert to purchase orders, in whole or in part; the risk that our continued failure to comply with NASDAQ's listing standards may severely limit our ability to raise additional capital; the cost and timing of developing, marketing and selling our products and our ability to raise the necessary capital to fund such 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 systems; 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 our GenDrive systems; competitive factors, such as price competition and competition from other traditional and alternative energy companies; our ability to protect our intellectual property; the cost of complying with current and future federal, state and international 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, 2010, filed with the Securities and Exchange Commission ("SEC") on March 31, 2011, 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