LATHAM, N.Y., July 21, 2011 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG) today announced that its CEO, Mr. Andy Marsh, has been appointed to the Board of Directors for the California Hydrogen Business Council (CHBC). Plug Power manufactures hydrogen fuel cell solutions, known as GenDrive®, to power electric lift trucks in the $19.9B global material handling market.
"I'd like to thank the California Hydrogen Business Council for giving me the opportunity to serve on this Board alongside many of my distinguished colleagues in the hydrogen and fuel cell business," said Mr. Marsh. "Plug Power is doing our part to elevate hydrogen and fuel cell solutions as a viable power source today, not a technology for the future. And, we are not alone. It's the hard work of cross-functional organizations, such as the CHBC, that rally in favor of the greater-good of our country's green-job creation and energy independence."
Plug Power's GenDrive fuel cells are leading the way for the commercialization of hydrogen-fueled power solutions. The company has shipped over 1,200 GenDrive units to material handling customers in North America, and has had some of its largest customer-wins in the progressive State of California. These orders include:
- Kroger Co, Compton, CA: 161 GenDrive units
- WinCo Foods, Modesto, CA: 184 GenDrive units
- Coca-Cola Refreshments, San Leandro, CA: 37 GenDrive units
"We're pleased to welcome Mr. Marsh to the Board of Directors," stated Mark Abramowitz, CHBC Board President. "His knowledge, leadership and drive will serve the organization well as we continue to grow and expand value to our members."
The CHBC is a non-profit organization serving as a link between hydrogen-technology developers, businesses, energy leaders, government, and infrastructure providers with a common vision of clean energy and transportation fueled by hydrogen. Its members implement and use technology and services that are taking the hydrogen economy into the mainstream. Learn more at www.californiahydrogen.org/home.
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 Plug Power's 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. Additional information about Plug Power is available at www.plugpower.com.
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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 Plug Power's expectations regarding expected shipments of GenDrive units for 2011 and 2012, reductions in system cost, expanding the set of addressable applications and increasing geographic reach. 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 Plug Power's control and that may cause Plug Power's actual results to differ materially from the expectations in Plug Power's forward-looking statements including statements regarding the risk that unit orders will not ship, be installed and/or convert to revenue, in whole or in part; the cost and timing of developing Plug Power's products and its ability to raise the necessary capital to fund such development costs; the risk that the previously disclosed expected uses of the Company's recently raised capital may change; the ability to achieve the forecasted gross margin on the sale of Plug Power's 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 Plug Power's products; market acceptance of Plug Power's GenDrive system; Plug Power's 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 Plug Power's products; Plug Power's ability to develop commercially viable products; Plug Power's ability to reduce product and manufacturing costs; Plug Power's ability to successfully expand its product lines; Plug Power's ability to improve system reliability for GenDrive; competitive factors, such as price competition and competition from other traditional and alternative energy companies; Plug Power's ability to manufacture products on a large-scale commercial basis; Plug Power's ability to protect its intellectual property; the cost of complying with current and future governmental regulations; and other risks and uncertainties discussed under "Item IA-Risk Factors" in (i) Plug Power's 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 (ii) in Plug Power's quarterly report on Form 10-Q for the quarter ended March 31, 2011 filed with the SEC on May 13, 2011, as well as in the other reports Plug Power files 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.