LATHAM, N.Y., June 4, 2012 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today received the Canadian Hydrogen and Fuel Cell Association (CHFCA) commercialization award at the 2012 World Hydrogen Energy Conference, being held this week at the Toronto Centre Sheraton in Toronto, Ontario, Canada. The CHFCA Commercialization Award recognizes achievements by member organizations who have achieved success in commercialization and manufacturing of hydrogen and/or fuel cell products.
Plug Power's transition from a development stage enterprise to a commercial operation will specifically be highlighted during the Achievement and Innovation Awards ceremony. In 2011, Plug Power received orders for 2,503 GenDrive® units, almost a five fold increase over the 543 GenDrive unit orders received in 2010. The Company now has over 2,200 GenDrive fuel cells deployed at customer sites including Walmart, P&G and Coca-Cola.
Plug Power recently announced the formation of HyPulsion, a joint venture with an Air Liquide subsidiary. HyPulsion was formed to develop the European market for fuel cell-powered forklift trucks. The available business opportunity in Europe exceeds that in North America.
"Plug Power is leading the way for commercial fuel cell solutions with its GenDrive product offering," said Andy Marsh, CEO at Plug Power. "GenDrive is deployed at over 25 customer sites across North America and the momentum continues to build here and in Europe."
Other companies being recognized at the World Hydrogen Energy Conference include:
- Walmart Canada—Corporate Leadership in Adopting Hydrogen and Fuel Cells Award
- Sustainable Development Technology Canada (SDTC)—Public/Government Early Adoption/Funding Supporter Innovator Award
- Hydrogen Research Institute (HRI)—The CHFCA Academic Award of Excellence
In addition, Mr. Alexander K. Stuart, Retired Founder, Chairman & CEO of Stuart Energy, will be honored with the CHFCA Lifetime Achievement Award for his lifetime dedication to hydrogen and fuel cell technologies.
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 2,200 GenDrive units shipped to material handling customers, accumulating over 6.5 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 the risk that we continue to incur losses and might never achieve or maintain profitability, the risk that we expect we will need to raise additional capital to fund our operations and such capital may not be available to us; the risk that the previously disclosed expected uses of the Company's recently raised capital may change; 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 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 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, 2011, filed with the Securities and Exchange Commission ("SEC") on March 30, 2012 and (ii) in Plug Power's quarterly report on Form 10-Q for the quarter ended March 31, 2012 filed with the SEC on May 15, 2012, 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.
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