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Plug Power Launches New Turnkey Solution To Smooth Customer Transition To Hydrogen Fuel Cells

LATHAM, N.Y., Jan. 16, 2014 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced GenKey, the first all-inclusive turnkey hydrogen solution for material handling sites, which has been added to the company's arsenal of hydrogen fuel cell offerings centered on the GenDrive product suite.

GenKey is comprised of three separate elements: GenDrive fuel cell units, GenFuel hydrogen fuel and infrastructure, and GenCare maintenance service. Plug Power provides full integration and deployment of the entire GenKey package for customers to ensure seamless transition to hydrogen fuel cell-based power for material handling operations.

Moving to a hydrogen infrastructure can be misinterpreted as a complex process, involving multiple vendors and contracts and entailing a lot of internal knowledge and training. GenKey takes complexity out of the equation for the customer by delivering a complete range of services to dramatically simplify the entire process. It is designed so companies can choose any or all of the platform elements to simplify and suit their needs.

"GenKey allows us to increase our value-add for customers through building a comprehensive turnkey solution that streamlines the transition to a hydrogen infrastructure – we do all the hard work, so the customer can focus on the best use of its new-found productivity," said Andy Marsh, CEO of Plug Power. "GenKey also transforms Plug Power's strategic business model from a product-only model, to one with a recurring revenue stream that we expect will add more predictability to our bottom line."

The industry leading GenDrive fuel cell product line provides a comprehensive product suite foundation for warehouse and distribution center lift trucks that are converted from battery to fuel cell power. The fuel cells are a drop-in replacement for lead-acid batteries, fitting precisely into existing compartments on all major OEM material handling equipment.

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