GENCO Purchases 136 GenDrive Fuel Cells From Plug Power
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LATHAM, N.Y., Aug. 27, 2009 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a
leader in providing clean, reliable energy solutions, today announced receipt of
a purchase order from GENCO Supply Chain Solutions for 136 GenDrive(tm) fuel
cell power units. The order consists of 100 class-3 pallet jack units and 36
class-2 standup reach truck units. In turn, GENCO will provide the units to
Wegmans at its distribution facilities for conversion of lift truck fleets in
their produce and grocery buildings. At Wegmans' Pottsville, Pennsylvania
facility, the GenDrive units will be placed into Crown lift trucks provided by
Lift Inc.
The funding for the fuel cells is part of a $6.1 million award made to GENCO in
April, 2009 by the U.S. Department of Energy (DOE) through the American Recovery
and Reinvestment Act. The DOE intends this funding to accelerate the
commercialization and deployment of fuel cells and create jobs in fuel cell
manufacturing, installation, maintenance and support services.
The Wegmans project will consist of various phases through 2012. The first phase
includes a 59 unit fleet conversion of the produce building. Subsequent phases
will allow Wegmans to expand its use of the GenDrive solution at its facilities.
GenDrive fuel cell units will provide Wegmans with increased productivity and
decreased operational costs due to the elimination of lead-acid batteries at its
facility. Lead-acid batteries lose charge and operational performance over an
entire shift. Also, specialized labor, equipment and additional time is needed
to change, charge and maintain the toxic power source. By replacing lead-acid
batteries with GenDrive fuel cells, Wegmans will be able to run their equipment
at full speed for an entire shift, thereby maximizing efficiency. Refueling with
hydrogen is safe and takes up to one minute.
At the same time, hydrogen fuel cells reduce greenhouse gas emissions.
Conversion of the produce building alone allows Wegmans to reduce its carbon
emissions in an amount equivalent to removing 134 cars of the road each year.
Over the lifetime of the project, 4,064,445 kWh of energy will be off-set.
"Customers across the United States understand the immense impact hydrogen fuel
cells have on material handling operations. GENCO and Wegmans are acting as
leaders in this revolution," said Andy Marsh, CEO at Plug Power. "This
installation is strongly aligned with the DOE's intent of transforming the
energy market and accelerating the use of hydrogen fuel cells for significant
economic impact and creation and retention of U.S.-based green jobs."
"We are excited about this project with Wegmans and the opportunities it will
present. GENCO is committed to advancing technologies, alternative energy
sources and environmental sustainability," said Bob Simon, program manager and
Six Sigma Master Black Belt. "The DOE award makes it possible for us to move
forward with these initiatives and present our customers and partners with value
solutions."
About Plug Power Inc.
Plug Power Inc. (Nasdaq:PLUG), an established leader in the development and
deployment of clean, reliable energy solutions, integrates fuel cell technology
into motive and continuous power products. The Company is actively engaged with
private and public customers in targeted markets throughout the world. For more
information about how to join Plug Power's energy revolution as an investor,
customer, supplier or strategic partner, please visit www.plugpower.com.
The Plug Power Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4446
About GENCO Supply Chain Solutions
GENCO Supply Chain Solutions is North America's second largest and a Global Top
50 third-party logistics provider and the recognized leader in Reverse
Logistics. The company manages over 130 operations and 37 million square feet of
warehouse space throughout North America for a diverse range of retail,
manufacturing and government customers. The company provides initial and ongoing
value through a complete range of solutions, including contract logistics,
transportation logistics, parcel negotiation and audits, reverse logistics,
damage research, product liquidation, pharmaceutical services, government
solutions and technology solutions. For more information, visit www.genco.com.
Plug Power Inc. Safe Harbor Statement
This communication contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including but not limited to
statements regarding our growth plan. We believe that it is important to
communicate our future expectations to our investors. However, there may be
events in the future that we are not able to accurately predict or control and
that may cause our actual results to differ materially from the expectations we
describe in our forward-looking statements, including, without limitation, the
risk that unit orders will not ship, be installed and/or convert to revenue, in
whole or in part; Plug Power's ability to develop commercially viable energy
products; the cost and timing of developing Plug Power's energy products; market
acceptance of Plug Power's energy products; Plug Power's ability to manufacture
energy products on a large-scale commercial basis; competitive factors, such as
price competition and competition from other traditional and alternative energy
companies; the cost and availability of components and parts for Plug Power's
energy products; Plug Power's ability to establish 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
fuel and fueling infrastructures for Plug Power's energy products; Plug Power's
ability to protect its Intellectual Property; Plug Power's ability to lower the
cost of its energy products and demonstrate their reliability; the cost of
complying with current and future governmental regulations; the impact of
deregulation and restructuring of the electric utility industry on demand for
Plug Power's energy products; and other risks and uncertainties discussed under
"Item IA-Risk Factors" in Plug Power's annual report on Form 10-K for the fiscal
year ended December 31, 2008, filed with the Securities and Exchange Commission
("SEC") on March 16, 2009, and the reports Plug Power files from time to time
with the SEC. Plug Power does not intend to and undertakes no duty to update the
information contained in this communication.
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CONTACT: Plug Power Inc.
Media Contact:
Katrina Fritz Intwala
(518) 782-7700 ext. 1360
Investor Relations Contact:
Cathy Yudzevich
(518) 782-7700 ext. 1448
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