Plug Now
Offering Turnkey Hydrogen Fuel Cell Solution that Delivers Savings Over
Batteries for Forklift Fleets of 100 or Fewer
March
21, 2023
Plug Power, Inc.
The expanded GenKey offering, which includes low-cost green hydrogen
and innovative fuel delivery and storage, allows more customers to benefit
from hydrogen and fuel cells.
LATHAM, N.Y., March 21, 2023 (GLOBE NEWSWIRE) -- Plug
Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen
solutions for the global green hydrogen economy, announced today it has
expanded its GenKey offering to enable fuel cell adoption for warehouses
that operate fewer than 100 electric forklifts. For the first time, this
segment of the forklift market, representing more than 25% of all
forklifts sold in the U.S., will have access to cost-effective hydrogen
fuel cells and the increased productivity they unlock.
Plug is removing the barriers that fleets with 40 to 100 forklifts have
previously seen, including capital, labor, space constraints and the
challenges associated with hydrogen fuel sourcing and delivery. Customers
that operate fewer than 100 electric forklifts can easily adopt hydrogen
fuel cells, while increasing productivity, reducing space and carbon
emissions. Plug’s solutions are incentivized by the Inflation Reduction
Act, which has significantly lowered the cost of green hydrogen. Fuel
cells also benefit from federal tax credits.
“Building on our experience in creating the first commercially-viable
market for fuel cells, Plug is proud to be leading the industry in making
green hydrogen adoption easy for a wider set of customers,” said Jose Luis
Crespo, General Manager of Fuel Cell Applications and Global Accounts.
“With Plug’s expanded GenKey offering, customers with fewer than 100
forklifts at a warehouse facility will now have the option to transition
to fuel cells, and a much more affordable, reliable and sustainable source
of fuel to meet their business goals. Our turnkey expanded GenKey offering
is making the adoption of hydrogen easy for the material handling
industry, allowing more businesses to benefit from increased productivity,
lower costs and more flexibility.”
In addition to Plug’s market-tested fuel cell solution, with more than 1
billion hours of operation, the new offering includes main benefits:
Low-cost green hydrogen supply from Plug’s hydrogen production plants: Plug’s
extensive manufacturing, production and delivery capabilities provide
easy access to green hydrogen from renewable sources. This ensures
sustainability benefits and savings, while lowering dependence on
batteries and the power grid, which has seen power price increases and
carries significant carbon emissions.
Modular, more flexible
hydrogen storage solution: Space
efficient, easy-to-install and permit, and relocatable, Plug’s modular
solution is designed with space constraints in mind, enabling quicker
approvals from property owners.
Freedom from the grid: Powering
forklifts with fuel cells in a facility reduces the need to use
electricity from the utility, or frees up electricity for other
applications.
Plug’s fuel cells offer significant cost savings compared to battery
alternatives. Customers can save upwards of $260,000 and as high as $1
million per year when compared to batteries. Orders for this offering are
being accepted now with deliveries expected in the fourth quarter of 2023
for U.S. customers. Plug will soon have a similar offering for the
European market.
To learn more, visit Plug at Booth S4559 at ProMat
2023, where a 3D model of the fuel cell, hydrogen dispenser with
simulated refueling, and an interactive application highlighting Plug’s
green hydrogen turnkey solutions will be on display. Additionally, Plug’s
Vice President of Sales, Tim Terrill, will present “The Future is Here:
Elevate Your Warehouse Fleet Performance with Green Hydrogen Fuel Cells”
at 3 p.m. CT Tuesday, March 21 in Theater C.
About Plug
Plug is building an end-to-end green hydrogen ecosystem, from production,
storage and delivery to energy generation, to help its customers meet
their business goals and decarbonize the economy. In creating the first
commercially viable market for hydrogen fuel cell technology, the company
has deployed more than 60,000 fuel cell systems and over 200 fueling
stations, more than anyone else in the world, and is the largest buyer of
liquid hydrogen. With plans to build and operate a green hydrogen highway
across North America and Europe, Plug is building a state-of-the-art
Gigafactory to produce electrolyzers and fuel cells and multiple green
hydrogen production plants that will yield 500 tons of liquid green
hydrogen daily by 2025. Plug will deliver its green hydrogen solutions
directly to its customers and through joint venture partners into multiple
environments, including material handling, e-mobility, power generation,
and industrial applications. For more information, visit www.plugpower.com.
Plug Power 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. Such
forward looking statements are: Customers increasing productivity and
reducing space and carbon emissions; Plug’s solutions are supported by the
Inflation Reduction Act, which has significantly lowered costs for green
hydrogen. Fuel cells also benefit from federal tax credits. Customers with
fewer than 100 forklifts at a warehouse facility will now have the option
to transition to fuel cells, and a much more affordable, reliable and
sustainable source of fuel to meet their business goals. Making the
adoption of hydrogen easy for the material handling industry, allowing
more businesses to benefit from increased productivity, lower costs and
more flexibility. Customers can realize instant savings with a
significantly lowered total cost of ownership. Providing easy access to
green hydrogen made from renewable sources. Easy-to-install and permit and
easy-to-relocate for efficient use of space, Plug’s modular solution is
designed with the outdoor space constraints of this market segment in
mind. Customers can obtain quicker approvals from property owners.
Customers can save between $260,000 to $1.2 million per year when compared
to batteries. Such statements are subject to risks and uncertainties that
could cause actual performance or results to differ materially from those
expressed in these statements. For a further description of the risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks relating
to the business of PLUG in general, see 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, 2022 and any subsequent filings with the SEC. Readers are
cautioned not to place undue reliance on these forward-looking 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.
