LATHAM, N.Y., Oct. 24, 2011 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy products, today announced the next generation of its widely deployed GenDrive® fuel cell products. Designed as a drop-in replacement for lead-acid batteries in electric lift trucks, GenDrive now features a number of enhancements designed to increase reliability and improve lift and towing capacity.
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With a simplified architecture and common system platform featuring 30 percent fewer components, GenDrive now provides customers with greater flexibility in managing deployments. "With our application knowledge and advanced technical capabilities, Plug Power has been able to enhance our GenDrive product offerings in a way that simplifies the system and reduces the parts necessary to manufacture the units," said Adrian Corless, CTO at Plug Power. "As a result, the customer benefits from improved reliability and performance within their lift truck fleet, an important element to building a highly-efficient operation."
The next-generation GenDrive products leverage Plug Power's material handling market expertise and are specifically designed to incorporate the lift truck power needs of its material handling customers. For example, lower-priced GenDrive product options are now available to help customers more cost-effectively meet order picking requirements.
GenDrive units have accumulated more than 5 million hours of runtime at customer sites across North America. Plug Power remains the leader in fuel cell system product deployments, including live sites at Walmart, Sysco, BMW and Coca-Cola. On average, GenDrive customers increase productivity by up to 15 percent, lower operational costs by up to 30 percent and reduce site greenhouse gas emissions by up to 80 percent.
"The expansion of our GenDrive product line will provide Plug Power customers with a rugged and reliable power solution to meet their operational and environmental needs," said Andy Marsh, CEO at Plug Power. "With improved performance and versatility, the next-generation GenDrive product line will help increase lift truck efficiency, while driving down operating costs. Plug Power is now able to service more of the material handling market, enabling more full-fleet conversions of customers eager to adopt this commercially viable solution."
Plug Power will be demonstrating the capabilities of its next-generation GenDrive fuel cell products in booth 441 at the International Foodservice Distributors Association's (IFDA) Distribution Solutions Conference, taking place October 24 - 26, 2011 at the Fort Worth Convention Center in Fort Worth, TX. Plug Power Vice President of Sales and Service, Erik Hansen, will participate in a conference panel discussion on fuel cell technology on Monday, October 24 at 9:30 a.m. in room 202B. In addition, qualified customers who visit the Plug Power booth will be entered to win a free, one-week demonstration of the GenDrive product series.
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 Plug Power's key accounts, including Wegmans, Whole Foods, and FedEx Freight. With more than 1,200 GenDrive units shipped to material handling customers, accumulating over 5 million hours of runtime, Plug Power manufactures tomorrow's incumbent power solutions today. Additional information about Plug Power is available 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. 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 Plug Power's control and that may cause Plug Power's actual results to differ materially from the expectations in Plug Power's forward-looking statements including statements regarding the risk that revenue growth can or will be sustained, that unit orders will not ship, be installed and/or convert to revenue, in whole or in part; the cost and timing of developing Plug Power's products and its ability to raise the necessary capital to fund such development costs; the risk that the previously disclosed expected uses of the Company's recently raised capital may change; the ability to achieve the forecasted gross margin on the sale of Plug Power's 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 Plug Power's products; market acceptance of Plug Power's GenDrive system; Plug Power's 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 Plug Power's products; Plug Power's ability to develop commercially viable products; Plug Power's ability to reduce product and manufacturing costs; Plug Power's ability to successfully expand its product lines; Plug Power's ability to improve system reliability for GenDrive; competitive factors, such as price competition and competition from other traditional and alternative energy companies; Plug Power's ability to manufacture products on a large-scale commercial basis; Plug Power's ability to protect its intellectual property; the cost of complying with current and future governmental regulations; and other risks and uncertainties discussed under "Item IA-Risk Factors" in (i) Plug Power's 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 (ii) in Plug Power's quarterly report on Form 10-Q for the quarter ended March 31, 2011 filed with the SEC on May 13, 2011, as well as in the other reports Plug Power files 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