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LATHAM, N.Y., May 14, 2013 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today reported its financial results for the first quarter 2013.
Plug Power (the "Company") business highlights in the first quarter of 2013 include product shipments to customers such as Lowes, P&G, and Sysco. The Lowes' shipment was to support the opening of a brand new distribution center in Georgia. Also, the Company completed conversion of all the units at Walmart's Washington Courthouse, Ohio, facility to fuel cell powered forklift trucks with over 250 units in operation. Plug Power, to date, has shipped over 4,000 GenDrive® units to over 23 different customers. These units consume more than 90% of the hydrogen fuel used to power fuel cell products in North America. This is a clear indication of Plug Power's leadership position in the fuel cell industry.
A prime focus of Plug Power management in 2013 has been to strengthen its financial position to support all stakeholders. The Company recently announced a $6.5 million strategic investment from Air Liquide. An Air Liquide representative will also be joining the board of directors, which will provide the Company additional industrial insight. The Company also recently added Johannes Minho Roth, founder of 5T Capital, to the board of directors. Mr. Roth offers the Company financial depth and international experience.
"I am pleased with our business progress in 2013," said Andy Marsh, CEO of Plug Power. "We have dramatically improved our quality, have added to our customer list, and have enhanced our financial position. The sales prospects and funnel remain strong for the rest of the year, and we expect that the business steps taken over the past six months will result in increased customer traction." Marsh concluded, "I remain upbeat about the future of Plug Power."