LATHAM, N.Y., Oct. 1, 2015 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean, reliable energy solutions, today announces its participation in the California Hydrogen & Fuel Cell Summit that began yesterday September 30 and continues through today October 1, 2015 in Sacramento.
Plug Power's President and CEO Andy Marsh, will present a keynote today from 1:00 to 1:30 pm PT that provides his vision regarding the success of sustainable hydrogen fuel cells in the material distribution industry. Marsh will also stress the importance of substantial and economically viable hydrogen solutions for continued market expansion.
This year's event, hosted by the California Hydrogen Business Council (CHBC), is the third annual California Hydrogen and Fuel Cell Summit at the California EPA. The CHBC Summit brings together some of the most successful and brightest industry leaders in the nation to interact with the most influential members of the political community, and will cover the industry's key business, political, technology and environmental issues.
'I look forward to addressing this conference because this has been an exciting year for advocates of hydrogen, with a tremendous increase in development of new hydrogen-based businesses and technologies worldwide,' said Marsh. 'Plug Power applauds the work being done by the CHBC to raise awareness and promote the benefits of hydrogen and fuel cells.'
Plug Power is a platinum member of the CHBC, and Jim Petrecky, the company's Vice President of Business Development, sits on the CHBC board of directors.
Sales Outlook Confirmed
Plug Power continues to project bookings of more than $200 million in 2015, and forecasts total sales in excess of $100 million for the year, including sales of more than 3,300 GenDrive units and construction of more than 15 GenFuel hydrogen infrastructures. Third quarter revenues are expected to exceed $30 million.
One sales driver is Plug Power's expansion in Europe, as it now owns 100 percent of HyPulsion, following acquisition of the joint venture from partner Air Liquide. HyPulsion, which is being renamed Plug Power Europe, already has an existing suite of CE-certified products and has developed OEM relationships in many countries. Plug Power is actively engaged with customers in Europe, placing strong sales emphasis on countries where high productivity is essential.
Within North America, repeat customers like Walmart, are enabling Plug Power to maintain ongoing success via multiple deployments. Large customers validate the GenKey value proposition, but GenKey is also attractive to mid-size customers, such as Dietz and Watson, FreezPak Logistics and Newark Farmers Market, due to the cost-effectiveness of implementing an onsite GenFuel hydrogen infrastructure.
About the California Hydrogen Business Council (CHBC)
The California Hydrogen Business Council is a non-profit trade association of organizations and individuals involved in the business of hydrogen and fuel cells. The CHBC is dedicated to advancing the commercialization of hydrogen in transportation and stationary devices to reduce emissions and dependence on foreign oil. More information at www.californiahydrogen.org.
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 8,500 GenDrive units deployed with material handling customers, GenDrive has been proven reliable with over 107 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.
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: Plug Power Media Contact
Teal Vivacqua
518.738.0269
[email protected]