LATHAM, N.Y., June 29, 2011 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announces it has added Kroger Co. (NYSE:KR) to its growing list of GenDrive® customers. Plug Power will supply 161 GenDrive fuel cells to Kroger's food distribution center in Compton, CA. The order includes 4 class-1 units for sit down counterbalanced trucks, 42 class-2 units for reach trucks and 115 class-3 units for pallet trucks.
With this partnership, Kroger will power its fleet of electric lift trucks with GenDrive fuel cells. Because GenDrive is fueled with hydrogen, the only byproducts created through the electrochemical energy-conversion process are heat and water.
Plug Power and Kroger have developed a hydrogen fueling infrastructure, placing compact dispensers strategically throughout the facility. Lift truck operators can fuel the GenDrive units themselves in as little as sixty seconds. Once fueled, trucks resume activity on the facility floor, moving products. Productivity improvements can be expected as the electric lift truck operates at full power as long as fuel is supplied.
"Kroger tested our GenDrive product and saw clear benefits to its operations which led them to engage with Plug Power on a full conversion of their facility," said Andy Marsh. "Plug Power's customers are leaders in the industry; forward-thinkers working toward building better, more efficient and more sustainable businesses for its customers, employees and communities. Kroger fits that mold perfectly."
Environmentally conscious business operations with a positive economic impact are at the forefront of decision-making in the material handling industry. And, Plug Power's GenDrive product is helping sustainably-progressive customers, such as Kroger, take charge of its greenhouse gas emission footprint.
About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power revolutionized the industry with cost-effective power solutions that increase productivity, lower operating costs and reduce carbon footprints. Long-standing relationships with industry leaders forged the path for our key accounts, including Wegmans, Whole Foods, and FedEx Freight. With more than 1,200 GenDrive units shipped to material handling customers, accumulating over 2.5 million hours of runtime, Plug Power manufactures tomorrow's incumbent power solutions today. Visit us at http://www.plugpower.com/">www.plugpower.com.
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This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to expectations regarding revenues, reductions in material and product costs, improvements in gross margin, and unit orders and shipments. These statements are based on current expectations that are subject to certain assumptions, risks and uncertainties, any of which are difficult to predict, are beyond our control and that may cause our actual results to differ materially from the expectations in our forward-looking statements including, but not limited to: the risk that we continue to incur losses and might never achieve or maintain profitability, the risk that the additional capital we expect we will need to raise to fund our operations beyond the first quarter of 2012 may not be available; 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 our continued failure to comply with NASDAQ's listing standards may severely limit our ability to raise additional capital; 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 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 GenDrive 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; 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 improve system reliability for our GenDrive 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; and other risks and uncertainties discussed under "Item IA-Risk Factors" in our annual report on Form 10-K for the fiscal year ended December 31, 2010, filed with the Securities and Exchange Commission ("SEC") on March 31, 2011, and the reports we file from time to time with the SEC. Plug Power does not intend to, and undertakes no duty to update any forward-looking statements as a result of new information or future events.