Plug Power Introduces ProGen Line for Mobility and Stationary Power Fuel Cell Systems
16 November 2016 - 1:00PM
Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy
solutions that change the way the world moves, formally announced
that its successful modular ProGen fuel cell engine technology,
previously only available in its own products, will now be
available to global customers for use in mobility and stationary
power fuel cell systems.
“We are now offering ProGen fuel cell system components to
independent companies as the flexible power building blocks for
their motive and stationary products under development. ProGen is a
key part of our future growth due to its robust and cost-effective
simplicity as well as the positive impact it makes to our company’s
profitability,” said Andy Marsh, CEO at Plug Power.
Through the modular ProGen line, Plug Power will continue to
grow as a third-party engine supplier, providing mobility and
stationary customers with industry-leading performance, reliability
and time to market. The continued movement to electrification in
drive train solutions is inevitable, and Plug Power sees growth
opportunities in leveraging ProGen into new markets that include
mobility applications such as logistics vehicles, delivery vans,
ground support equipment, range extenders and electric passenger
vehicles.
About the ProGen Fuel Cell Engine Line
Plug Power initially began shipping products with its ProGen
fuel cell engine technology in the fourth quarter of 2015.
Currently, the ProGen fuel cell technology, based on proton
exchange membrane (PEM) technology, is rapidly becoming
incorporated into Plug Power’s GenDrive and GenSure products.
In the first half of 2016, approximately 40 percent of the
GenDrive units shipped to mobility customers around the world
included a ProGen engine. Plug Power expects to see this trend
continue, growing ProGen powered GenDrive system shipments to
approximately 70 percent by the end of 2016.
Plug Power ProGen engines are manufactured in the USA at Plug
Power factories located in Latham, New York and Spokane,
Washington. In the most recent quarter, Plug Power continued
integration of ProGen into its newest GenDrive class 2 mobility
power product, enabling a 40 percent cost reduction though system
simplification.
The Company will have deployed 2,500 ProGen engines in GenDrive
fuel cells by the end of 2016, and is anticipating 50 percent
growth in ProGen shipments in 2017.
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 serve 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.
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 expectations regarding
growth in Europe, revenue, growth with GenKey customers and its
project financing platform. 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 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 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, GenSure 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, GenSure 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 (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, 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.
Media and Investor Relations Contact:
Teal Vivacqua
Plug Power Inc.
Phone: 518.738.0269
Plug Power (NASDAQ:PLUG)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Plug Power (NASDAQ:PLUG)
Historical Stock Chart
Von Apr 2023 bis Apr 2024