LATHAM, N.Y., July 18, 2012 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announces that Mercedes-Benz U.S. International, Inc. (MBUSI) has purchased 72 GenDrive® hydrogen fuel cell units to operate its Hyster electric lift truck fleet in Tuscaloosa, Alabama. The GenDrive fuel cells will power a portion of the automotive plant's lift truck fleet.
Mercedes-Benz will realize greater fleet predictability and flexibility with the use of GenDrive hydrogen fuel cells units. The GenDrive units will replace lead-acid batteries, which require space-consuming charging areas and an expensive maintenance infrastructure. Compact hydrogen stations provided by Air Products (NYSE:APD) will be located onsite for a more efficient refueling process. As it grows its operations, Mercedes-Benz can add fuel cells to its fleet, without the need to invest in additional batteries, charging space or dedicated employees.
"Mercedes-Benz is an exciting customer to add to Plug Power's growing list of fuel cell adopters," said Andy Marsh, CEO at Plug Power. "We intend to prove the value of GenDrive fuel cells in Tuscaloosa in order to reinforce the benefits experienced in auto-manufacturing facilities across North America."
Unlike the incumbent technology, GenDrive is powered by hydrogen, ensuring a constant flow of power to the truck and fueling cycle that takes just minutes. Lead-acid batteries need to be changed, charged, stored and maintained, a process that is timely and involves costly infrastructure. With this conversion, Mercedes-Benz is able to eliminate its battery room and open that valuable floor space up for storing and moving product. Finally, because GenDrive is powered by hydrogen, a clean-energy fuel, only heat and water are generated as byproducts of electricity creation.
Plug Power has shipped and commissioned the full unit order.
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 2,500 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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