Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy solutions, today announces that FreezPak Logistics
has selected Plug Power's full-service GenKey solution for its new
cold storage distribution center freezer warehouse under
construction in Carteret, New Jersey.
The GenKey deployment includes 25 GenDrive fuel cells, a GenFuel
outdoor hydrogen storage infrastructure with two indoor GenFuel
dispensers, and total GenCare service for both the fuel cells and
hydrogen system. In addition, the contract includes a ten-year
hydrogen supply agreement. Through the adoption of hydrogen fuel
cells, FreezPak will present itself as a pioneer in the cold
storage market.
Plug Power has placed great focus on its GenFuel business in
2015 as a path to expand its total addressable market within
material handling. For this greenfield site in New Jersey, Plug
Power developed a downsized fueling infrastructure scaled to
economically meet the needs of FreezPak. Success here is important,
as it further proves that Plug Power is an experienced leader in
hydrogen storage and dispensing systems.
The GenDrive-powered fleet mix consists of class-3 units for
pallet jacks and class-2 units for reach trucks. Plug Power has
already manufactured and shipped the entire order, which will begin
supporting FreezPak's facility following its opening, planned for
the second quarter of 2015. The GenFuel installation is also
targeted for completion during the second quarter.
Cold storage applications represent a sweet-spot for Plug
Power's GenDrive units. Unlike lead-acid batteries, which display
significant performance degradation in cold temperatures, GenDrive
fuel cells perform at maximum operation in environments as low as
-22 degrees F. Furthermore, performance of GenDrive fuel cells will
not diminish over the life of a full operations shift. Battery
changes are eliminated and FreezPak operators will refuel the units
themselves in just minutes at strategically placed GenFuel
dispensers onsite. As an industry leader, FreezPak will be
empowered by its GenKey installation to improve productivity and
output for each shift, streamlining processes and improving product
speed to market.
"This FreezPak deployment is modest in size compared to other
GenKey customer sites," said Andy Marsh, CEO at Plug Power.
"Previously, the cost of hydrogen was a barrier for smaller
operations. Plug Power worked together as partners alongside
FreezPak to develop and install a mini-GenFuel system, making the
very real operational and productivity benefits of hydrogen fuel
cells a reality for smaller fleet customers, like FreezPak."
Brothers, Michael and David Saoud are co-owners of FreezPak
Logistics. "FreezPak sees the use of Plug Power's hydrogen fuel
cells as a way to bring green technology to our new facility, and a
means to improve our operations and better serve customers," said
David.
Michael continued, "FreezPak is committed to investing in and
adopting sustainable solutions that will allow us to enhance our
operations and successfully compete with other cold storage service
providers."
The use of GenDrive to power the lift and reach truck fleet in
its new facility will allow FreezPak to operate with increased
efficiency and remain flexible to customer demands. The
state-of-the-art center will feature a pallet freezer and loading
dock enlarged with real-estate not being occupied by a battery
room. The facility is conveniently located within 5 miles of the
New York and New Jersey ports.
About Plug Power Inc.
The powerhouse in hydrogen fuel cell technology, Plug Power is
revolutionizing the industry with cost-effective solutions that
increase productivity, lower operating costs and reduce carbon
footprint. Its signature solution, GenKey, provides an
all-inclusive package for customers, incorporating GenFuel hydrogen
and fueling infrastructure, GenCare aftermarket service and either
GenDrive or ReliOn fuel cell systems. GenDrive, a lead-acid battery
replacement, is used in electric lift trucks in high-throughput
material handling applications. With more than 6,000 GenDrive units
deployed to material handling customers, GenDrive has been proven
reliable with over 100 million hours of runtime. Plug Power
manufactures tomorrow's incumbent power solutions today, so
customers can POWERAhead. Additional information about the Plug
Power brands is available at www.plugpower.com.
About FreezPak Logistics
For over 50 years Saoud Enterprises, owners and operators of
FreezPak, has faithfully and proudly served the food industry. As a
family business, our approach to relationships is different. Highly
personal and professional, we have built our business on the
longstanding trust of our customers for more than a
half-century.
FreezPak Logistics is one of the leading full-service cold and
dry storage providers in the United States focused completely on
delivering your products to market efficiently with market-leading
quality. Our proximity to ports and major highways makes our
service efficient and easy. With 10 million cubic feet, FreezPak
Logistics facilities include the newest state-of-the-art, near-port
facility in Carteret, NJ and Paterson NJ. Both are only minutes
away from the largest port on the eastern seaboard and major
highways.
Plug Power Inc. Safe Harbor Statement
This communication contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve significant risks and uncertainties about Plug Power
Inc. ("PLUG"), including but not limited to statements about PLUG's
forecast of financial performance, order bookings, business model,
strategy and growth opportunities. You are cautioned that such
statements should not be read as a guarantee of future performance
or results, and will not necessarily be accurate indications of the
times at, or by which, such performance or results will have been
achieved. Such statements are subject to risks and uncertainties
that could cause actual performance or results to differ materially
from those expressed in these statements. In particular, the risks
and uncertainties include, among other things, the risk that we
continue to incur losses and might never achieve or maintain
profitability; the risk that we will need to raise additional
capital to fund our operations and such capital may not be
available to us; the risk that 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 a loss of one or more of our major
customers could result in a material adverse effect on our
financial condition; the risk that a sale of a significant number
of shares of stock could depress the market price of our common
stock; the risk that negative publicity related to our business or
stock could result in a negative impact on our stock value and
profitability; the risk of potential losses related to any product
liability claims or contract disputes; the risk of loss related to
an inability to maintain an effective system of internal controls
or key personnel; the risks related to use of flammable fuels in
our products; 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 risk that our 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
products, including GenDrive, ReliOn and GenKey systems; the
volatility of our stock price; 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 successfully expand internationally; our
ability to improve system reliability for our GenDrive, ReliOn and
GenKey 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; risks associated with
potential future acquisitions; and other risks and uncertainties
referenced in our public filings with the Securities and Exchange
Commission. For additional disclosure regarding these and other
risks faced by PLUG, see disclosures contained in PLUG's public
filings with the Securities and Exchange Commission (the "SEC")
including, the "Risk Factors" section of PLUG's Annual Report on
Form 10-K for the year ended December 31, 2014. You should consider
these factors in evaluating the forward-looking statements included
in this presentation and not place undue reliance on such
statements. The forward-looking statements are made as of the date
hereof, and PLUG undertakes no obligation to update such statements
as a result of new information.
CONTACT: Media and Investor Relations Contact:
Teal Vivacqua
Plug Power Inc.
Phone: 518.738.0269
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