Plug Power and HyGear Partner to Provide Reformer Technology to Global Fuel Cell Users
08 June 2016 - 9:00PM
Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy
solutions that change the way the world moves, and HyGear, supplier
of cost-effective industrial gases, today announce they are
partnering to supply HyGear’s hydrogen generation technology to
Plug Power fuel cell customers globally. The first deployments are
scheduled to be installed in the fourth quarter of 2016 at a new
site for one of Plug Power’s existing customers.
Photos accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/4a9369f5-f7cd-4cd7-8f2e-55e867bd53dc
http://www.globenewswire.com/NewsRoom/AttachmentNg/016d3417-f102-4d5f-afc5-0baa5c7fa60a
HyGear’s hydrogen generation technology, called
Hy.GEN®, is based on small-scale reforming. The Hy.GEN® provides an
on-site, low-cost, efficient and flexible alternative to
conventional hydrogen supply including large-volume liquid systems,
hydrogen supply by road distribution or electrolysis. Hy.GEN®
systems are very efficient and highly reliable, and allow customers
flexibility in fuel generation and consumption, including the
option to use biogas for a “green” hydrogen solution.
In addition, distributed generation of hydrogen
eliminates the need to transport the fuel onsite, further improving
the sustainability of the overall GenKey solution Plug Power
provides to its customers. The use of hydrogen as an energy
source is attracting attention globally, as its impact on corporate
sustainability initiatives is being witnessed today.
“Partnership with such a great and renowned
company as Plug Power is of great importance for HyGear’s worldwide
recognition and expansion. Also, it is a great step towards a
cleaner transportation system and a more energy efficient world,”
says HyGear’s CEO Marinus van Driel.
Plug Power has continually emphasized its plans
to expand its hydrogen offerings, and this partnership with HyGear
is part of Plug Power’s long-term goal of making hydrogen a
cost-effective and ubiquitous fuel. HyGear’s leading reformer
solution allows Plug Power to address a more diverse set of
customers including small material handling fleets and a broader
base of tethered fleet vehicles.
“Plug Power has a history of developing elegant
solutions for hydrogen storage, handling and dispensing,” says Andy
Marsh. “This partnership enables us to elevate our GenFuel
offerings by leveraging HyGear’s industry-leading solution. This
partnership will stimulate growth of Plug Power’s addressable
market today, and open new global markets in the future.”
Plug Power will offer HyGear’s Hy.GEN® reformer
technology as an option under its GenFuel platform to material
handling and stationary power customers worldwide.
About Plug Power Inc.
The architects of modern
hydrogen and fuel cell technology, Plug Power has revolutionized
the industry with its simple GenKey solution, elements of which are
designed to increase productivity, lower operating costs and reduce
carbon footprints in a reliable, cost-effective way. Plug Power’s
GenKey solution couples together all the necessary elements to
power, fuel and service a customer. Plug Power is the partner that
customers trust to take their businesses into the future. For more
information about Plug Power, visit www.plugpower.com.
About HyGearHyGear supplies industrial
hydrogen, nitrogen and oxygen gas in small bulk quantities.
HyGear’s advanced on-site generation technologies offer the most
cost-effective and reliable gas supply for our clients. The company
is not a conventional gas supplier. They do it different, better
and focus on the customers’ needs instead. With over 30 years of
experience and extensive knowledge in gas processing technology and
chemical engineering, HyGear partners with their clients to design
and implement the most efficient and cost-effective gas supply
solution. That is why HyGear has strong references worldwide and
will keep on growing.
Plug Power Safe Harbor
StatementThis 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 2016 objectives,
including goals relating to revenue, sales, booking, gross and
GenFuel installations, and the GenFund Power-Purchase Agreement
program. 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
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customers could result in a material adverse effect on our
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or key personnel; the risks related to use of flammable fuels in
our products; the cost and timing of developing, marketing and
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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, GenSure and GenKey systems; the
volatility of our stock price; our ability to establish and
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development, manufacturing, distribution and servicing and the
supply of key product components; the cost and availability of
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cost of complying with current and future federal, state and
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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, 2015. 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.
Plug Power Media Contact
Teal Vivacqua
518.738.0269
media@plugpower.com
HyGear Media Contact
Petra Barelds
+31 88 9494 308
petra.barelds@hygear.nl
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