LATHAM, N.Y., Dec. 7, 2011 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced that Procter & Gamble Co. (P&G) has selected its GenDrive® fuel cell products to power lift trucks at three P&G manufacturing facilities across the United States. Plug Power will supply P&G facilities in California, Louisiana and North Carolina with more than 200 GenDrive fuel cell units combined for its electric lift truck fleet, helping to drive down operating costs and improve process efficiencies.
Plug Power's GenDrive fuel cell products directly address lead-acid battery degradation and operating efficiency issues. Over a shift, lead-acid batteries quickly lose charge, resulting in decreased lift truck performance. Plug Power GenDrive fuel cells provide material handling facilities with a constant and reliable power source, ensuring that lift trucks run at full speed for the entire work period. On average, GenDrive customers increase productivity by up to 15 percent and lower operational costs by up to 30 percent.
GenDrive fuel cells are powered by hydrogen and can be re-fueled in two to three minutes - minimizing down time for the truck and its operator. Lead-acid batteries need to be changed, charged, stored and maintained, a process that is timely, involves costly infrastructure, occupies valuable floor space and taxes an already inefficient electric grid.
Finally, because GenDrive is fueled by hydrogen, only heat and water are generated as byproducts of electricity creation. P&G estimates greenhouse gas emission reductions of up to 60 percent.
"Plug Power's GenDrive product is delivering increased fleet productivity, decreased facility operating costs and reduced greenhouse gas emissions at customer sites throughout North America," said Andy Marsh, CEO at Plug Power. "By deploying GenDrive fuel cell products at multiple facilities, P&G will lessen its environmental impact while realizing increased productivity, reduced operating costs and better predictability of its fleet performance."
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 1,500 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 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