Plug Power Signs MOU with Linde for the Demonstration of Fuel Cell-Powered On-Road Vehicles
24 September 2020 - 10:00PM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen
engines and fueling solutions enabling e-mobility, today announced
a memorandum of understanding (MOU) for the demonstration of Plug
Power’s ProGen fuel cell engine in Class 6 and Class 8 vehicles,
which will be used by Linde for delivery of products. This fleet of
hydrogen fuel cell vehicles are expected to be on the road in early
2021.
Plug Power holds a vision of decarbonizing the globe, and more
specifically in the areas of green hydrogen and mobility. The
company’s 30 to 125 kW ProGen engine suites heavy-duty vehicle
applications, including class 6 and 8 trucks. Plug Power’s modular
ProGen fuel cell engines are building blocks designed for OEMs to
adopt sustainable hydrogen fuel cell solutions.
In long-haul transportation ProGen fuel cell engines provide a
unique advantage over the battery electric vehicle. Fuel cells
offer fast fueling (at least five to six times faster than an
electrical charge), over 500 miles of increased range, and superior
asset utilization and packaging density. For Plug Power customers
like Linde, DHL, FedEx, and others, moving fuel, packages, and
cargo –not batteries – is their business.
“Plug Power values our long-standing relationship with Linde,
and views Linde as a key strategic supplier of hydrogen fuel,” said
Andy Marsh, CEO of Plug Power. “Both Companies are vested in
decarbonizing hydrogen production in order to bring a true green
solution to customers in line with Plug Power’s stated plans to
have more than 50% of the hydrogen used be green by 2024.”
About Plug Power
Plug Power is building the hydrogen economy as the leading
provider of comprehensive hydrogen fuel cell (HFC) turnkey
solutions. The company’s innovative technology powers electric
motors with hydrogen fuel cells amid an ongoing paradigm shift in
the power, energy, and transportation industries to address climate
change and energy security, while providing efficiency gains and
meeting sustainability goals. Plug Power created the first
commercially viable market for hydrogen fuel cell (HFC) technology.
As a result, the company has deployed over 35,000 fuel cell systems
for e-mobility, more than anyone else in the world, and has become
the largest buyer of liquid hydrogen, having built and operated a
hydrogen highway across North America. Plug Power delivers a
significant value proposition to end-customers, including
meaningful environmental benefits, efficiency gains, fast fueling,
and lower operational costs. Plug Power’s vertically-integrated
GenKey solution ties together all critical elements to power, fuel,
and provide service to customers such as Amazon, BMW, The Southern
Company, Carrefour, and Walmart. The company is now leveraging its
know-how, modular product architecture and foundational customers
to rapidly expand into other key markets including zero-emission
on-road vehicles, robotics, and data centers.
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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 expectations regarding growth in Europe,
revenue, growth with GenKey customers and its project financing
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as a guarantee of future performance or results, and will not
necessarily be accurate indications of the times that, 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 of dilution to our stockholders and/or
stock price should we need to raise additional capital; 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 may not ship, be installed and/or converted to
revenue, in whole or in part; the risk that a loss of one or more
of our major customers, or if one of our major customers delays
payment of or is unable to pay its receivables, a material adverse
effect could result 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 our convertible
senior notes, if settled in cash, could have a material effect on
our financial results; the risk that our convertible note hedges
may affect the value of our convertible senior notes and 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;
our ability to attract and maintain key personnel; the risks
related to the use of flammable fuels in our products; the risk
that pending orders may not convert to purchase orders, in whole or
in part; the cost and timing of developing, marketing and selling
our products; the risks of delays in or not completing our product
development goals; our ability to obtain financing arrangements to
support the sale or leasing of our products and services to
customers; our ability to achieve the forecasted gross margin on
the sale of our products; the cost and availability of fuel and
fueling infrastructures for our products; the risks, liabilities,
and costs related to environmental, health and safety matters; the
risk of elimination of government subsidies and economic incentives
for alternative energy products; market acceptance of our products
and services, including GenDrive, GenSure and GenKey systems; 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; the risk
that possible new tariffs could have a material adverse effect on
our business; our ability to develop commercially viable products;
our ability to reduce product and manufacturing costs; our ability
to successfully market, distribute and service our products and
services internationally; our ability to improve system reliability
for our products; competitive factors, such as price competition
and competition from other traditional and alternative energy
companies; our ability to protect our intellectual property; the
risk of dependency on information technology on our operations and
the failure of such technology; the cost of complying with current
and future federal, state and international governmental
regulations; our subjectivity to legal proceedings and legal
compliance; the risks associated with potential future
acquisitions; the volatility of our stock price; and other risks
and uncertainties referenced in our public filings with the
Securities and Exchange Commission (the “SEC”).
For additional disclosure regarding these and other risks faced
by PLUG, see disclosures contained in PLUG's public filings with
the SEC including, the "Risk Factors" section of PLUG's Annual
Report on Form 10-K for the year ended December 31, 2019 and
Quarterly Reports on Form 10-Q for the quarters ended March 31,
2020 and June 30, 2020. 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.
Media ContactIan MartoranaThe Bulleit Group(415)
237-3681plugpowerpr@bulleitgroup.com
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