Raymond and Plug Power hold press conference to discuss distribution agreement
LATHAM, NY - April 22, 2010 - Plug Power Inc. (NASDAQ: PLUG), a leader in providing clean, reliable energy solutions, today announced it will be displaying its GenDrive product suite at the NA 2010 trade show in Cleveland, OH, April 26-29. NA 2010 is the largest material handling show in North America, attracting over 15,000 industry professionals. Plug Power will display its class-1, class-2 and class-3 GenDrive fuel cell power units in sit down counterbalanced, stand up reach and rider pallet trucks, respectively. GenDrive fuel cells replace lead-acid batteries in electric lift trucks, offering the customer increased productivity and lower operational costs with quick refuel and constant voltage.Also on display will be a compact hydrogen fueling dispenser, highlighting the ease and convenience of opportunity fueling for lift truck operators. By eliminating large battery rooms and charging infrastructure, customers are able to expand valuable floor space for its business. GenDrive power units can be fueled in as little as 60 seconds, substantially reducing vehicle and personnel downtime. And by utilizing hydrogen as a fuel source, greenhouse gas emissions are reduced. The only byproducts generated by fuel cells are heat and water.
"During 2009, Plug Power saw considerable traction in the material handling market with significant customers. These customers have realized increased productivity as high as 15% and reduction in its carbon footprint up to 90%," said Andy Marsh, CEO of Plug Power. "The NA 2010 show expands our network base, allowing attendees to see first hand how GenDrive fuel cell solutions are a real and viable solution to improve their operations today."
Taking advantage of the focused material handling audience in Cleveland, Plug Power and The Raymond Corporation will be holding a press conference in the NA 2010 press conference room (Room 10) on Tuesday, April 27 at 9:00 am. Andy Marsh and Chuck Pascarelli, President of Sales and Marketing Division for The Raymond Corporation, will expand upon the recently announced distribution agreement between the two companies.
As an independent distributor, The Raymond Corporation and its network of authorized Sales and Service Centers will sell, rent and lease Plug Power's GenDrive fuel cell units to material handling customers in North America. This relationship couples Raymond's leading AC technology with Plug Power's proven GenDrive solution, bringing superior power and performance to the electric lift truck market.
"Raymond understands that hydrogen fuel cells will have a firm place in the material handling industry moving forward," said Chuck Pascarelli. "And as industry leaders, we want to always provide our customers with the most cutting-edge lift truck power solution available. As the fuel cell market leader, Plug Power offered the ideal supplier."
Plug Power will be exhibiting in booth 605 and The Raymond Corporation will be in booths 632 and 637. The show is open to the public. Investors and customers are encouraged to attend. For more information about NA 2010, visit www.nashow.com. The press release announcing the distribution agreement with The Raymond Corporation on March 11, 2010 can be located on the Plug Power Web site at www.plugpower.com/newsroom.
About Plug Power Inc.
Plug Power Inc. (NASDAQ: PLUG), an established leader in the development and deployment and commercialization of alternative fuel cell technology. Revolutionizing the way the world thinks about clean energy, Plug Power has installed more commercial fuel cell systems in the motive and continuous power markets than anyone else in the industry. The Company is actively engaged with private and public customers in targeted markets throughout the world. For more information about how to join Plug Power's energy revolution as an investor, customer, supplier or strategic partner, please visit 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. We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict or control and that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements, including, without limitation, including but not limited to 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 our products and our ability to raise the necessary capital to fund such development costs; the cost and availability of fuel and fueling infrastructures for our products; market acceptance of our GenDrive and GenSys 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 both GenDrive and GenSys; competitive factors, such as price competition and competition from other traditional and alternative energy companies; our ability to manufacture products on a large-scale commercial basis; our ability to protect our intellectual property; the cost of complying with current and future governmental regulations; the impact of deregulation and restructuring of the electric utility industry on demand for Plug Power's energy products; 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, 2009, filed with the Securities and Exchange Commission ("SEC") on March 16, 2010, and the reports we file from time to time with the SEC. We do not intend to and undertake no duty to update the information contained in this communication.
Media Contact:
Reid Hislop
Plug Power Inc.
Phone: (518) 782-7700 ext. 1360
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Investor Relations Contact:
Cathy Yudzevich
Plug Power Inc.
Phone: (518) 782-7700 ext. 1448
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