Plug Power Announces New European Deal with Asko and Toyota Material Handling

October 31, 2017

Norway’s largest grocery wholesaler commits to fuel cells for industrial electric vehicles as part of push for clean energy solutions

LATHAM, N.Y., Oct. 31, 2017 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy solutions that change the way the world moves, announced a new agreement with Toyota Material Handling Norway (Toyota) to provide hydrogen fuel cells to Asko, a leading Norwegian grocery wholesaler.  Asko will use GenDrive fuel cells to power its industrial electric forklift fleet in Trondheim, Norway.  The fleet will be deployed in the fourth quarter of 2017.

The agreement enables GenDrive fuel cell units to be incorporated into Asko’s Trondheim distribution center, with the possibility to convert the full 95-truck fleet to fuel cell power. Green hydrogen will be produced on site via electrolysis technology provided by NEL ASA, which produces electricity from solar panels.  The Trondheim facility is a pilot project, and forecasts expansion potential to additional opportunities, including Asko’s 13 regional warehouses.

“Plug Power’s proven performance in Europe has attracted leading partners, like Toyota, NEL ASA and Asko, as we expand our European fuel cell presence into Norway,” said Andy Marsh, Plug Power’s CEO.  “In Europe, the value proposition remains the same – industrial electric vehicle users constantly seek productivity enhancing solutions that positively impact the bottom line. Plug Power’s GenDrive solution does this.” 

The world is rapidly moving toward the electrification of mobility, and Plug Power is focused on solutions that provide true economic benefits combined with a drive towards a renewable future. Asko is committed to environmental sustainability, with goals of 20 percent energy consumption reduction and 100 percent renewable fuel by 2020. 

Plug Power, Asko and Toyota are presenting the GenDrive class 3 hydrogen fuel cell solution at the Zero Emission conference scheduled in Oslo from October 31 to November 1, 2017.  The Zero Emission Conference is one of the largest and longest running climate solutions conferences in Europe, drawing around 1,200 participants from businesses, academia, media, politics, NGOs, government and civil society at large.  Attendees may discuss the hydrogen fuel cell solution at Toyota’s Material Handling Norway’s booth number 27.

About Plug Power Inc.          
The architect of modern hydrogen and fuel cell technology, Plug Power is the innovator that has taken hydrogen and fuel cell technology from concept to commercialization. Plug Power has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. The Company’s GenKey solution couples together all the necessary elements to power, fuel and serve a customer. With proven hydrogen and fuel cell products, Plug Power replaces lead acid batteries to power electric industrial vehicles, such as the lift trucks customers use in their distribution centers. 

Extending its reach into the on-road electric vehicle market, Plug Power’s ProGen platform of modular fuel cell engines empowers OEMs and system integrators to rapidly adopt hydrogen fuel cell technology. ProGen engines are proven today, with thousands in service, supporting some of the most rugged operations in the world. Plug Power is the partner that customers trust to take their businesses into the future.

About TMH Norway
Toyota Material Handling Norway AS (TMHNO) is the leading company in Material Handling Equipment. TMHNO is a complete supplier with the leading forklifts brands TOYOTA and BT. We design and deliver automated solutions, logistic solutions, fleet management systems and stock structure. TMHNO is a part of the TOYOTA company, and the Norwegian HQ is located in Trondheim. With over 180 technicians and local sales representatives primarily managing sales, service, parts and training, Toyota’s commitment is to always will be close to the customer. At TMHNO we employ over 320 people, we have a solid economical position in the Material Handling Industry and a turnover of around MNOK 1000.

About ASKO
Asko undertakes 17,000 weekly deliveries to grocery stores, retail outlets and institutions. With over 17,000 customers and 3,300 employees, ASKO is also Norway’s largest wholesaler. ASKO handles the entire goods flow from producer to final customer, with 600 lorries on the road on a daily basis.

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 expectations regarding growth in Europe, revenue, growth with GenKey customers and its project financing platform. 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 that, 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, GenSure 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, GenSure 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 (the “SEC”). For additional disclosure regarding these and other risks faced by PLUG, see disclosures contained in PLUG's public filings with the SEC including, the "Risk Factors" section of PLUG's Annual Report on Form 10-K for the year ended December 31, 2016. 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.

Plug Power Media Contact
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Source: Plug Power, Inc.