LATHAM, N.Y., June 24, 2013 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced the GenDrive Series 1000 product family has a new member, the GenDrive 1900. It is Plug Power's highest-power fuel cell yet and one of the largest developed for material handling applications. The GenDrive 1900 is designed as a drop-in replacement for lead-acid batteries on six-ton capacity, four-wheel, class-one counterbalanced forklift trucks. Six-ton forklift trucks are among the most popular large-capacity forklift trucks in use. The new fuel cell is the company's first to feature an optional second hydrogen tank to double hydrogen capacity. With both tanks installed, the fuel cell can store up to 3.4 kg of hydrogen with an energy capacity of 50 kilowatt-hours (kWhr). Capable of a constant power output of 14kW, the fuel cell delivers more than eight hours of runtime, which is 50% more than a conventional battery in this application. The GenDrive 1900 has a refill time of two minutes, maximizing the productivity of forklift trucks. The new fuel cell is part of the GenDrive Series 1000 products targeted at sit-down counterbalanced trucks that are used in high-volume manufacturing and high-throughput warehousing and distribution operations. Other products in the family include the 1400, 1500, 1600 and 1700 for three-wheel and four-wheel counterbalanced trucks. With this new offering in its product line, Plug Power now provides a complete solution that spans all class-one forklift trucks, making it possible for its retail and manufacturing material handling customers to standardize on hydrogen fuel cells in place of lead-acid batteries. "This is a very important extension of the GenDrive Series 1000 product line because it means that our customers can fully commit to a hydrogen-powered forklift fleet that enhances environmental impact, eliminates the need for battery storage and provides a better return on their investment in hydrogen fueling and storage," said Andy Marsh, Plug Power president and CEO. "This is important for Plug Power too, as it expands our addressable market and cements our reputation as the leading PEM fuel cell integrator in the material handling industry."
The GenDrive 1900 runs at the same operating pressure as other Series 1000 products, which helps to simplify hydrogen infrastructure. It also features a system controller that enables the operator to monitor and communicate fuel cell stack and system performance to optimize output, provide information for planned maintenance and reduce total cost of ownership.Availability The new GenDrive 1900 will start customer trials in the third quarter of 2013. When released, it will be available through Plug Power's worldwide sales force. About Plug Power Inc. The architects of modern fuel cell technology, Plug Power is revolutionizing the industry with cost-effective power solutions that increase productivity, lower operating costs and reduce carbon footprints. Long-standing relationships with industry leaders forged the path for Plug Power's key accounts, including Walmart, Sysco, P&G and Mercedes. With more than 4,000 GenDrive units deployed to material handling customers, accumulating over 10 million hours of runtime, Plug Power manufactures tomorrow's incumbent power solutions today. Additional information about Plug Power is available at 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. These statements are based on current expectations that are subject to certain assumptions, risks and uncertainties, any of which are difficult to predict, are beyond our control and that may cause our actual results to differ materially from the expectations in our forward-looking statements including, but not limited to: the risk that we continue to incur losses and might never achieve or maintain profitability, the risk that we expect we will need to raise additional capital to fund our operations and such capital may not be available to us; 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; the risk that our continued failure to comply with NASDAQ's listing standards may severely limit our ability to raise additional capital; the cost and timing of developing 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 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 GenDrive 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 our GenDrive 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; and other risks and uncertainties discussed, but are not limited to, those set forth in (i) "Item IA-Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011, filed with the Securities and Exchange Commission ("SEC") on March 30, 2012 and (ii) in our quarterly report on Form 10-Q for the quarter ended September 30, 2012 filed with the SEC on November 14, 2012, as well as in the other reports we file from time to time with the SEC. We do not intend to, and undertake no duty to; update any forward-looking statements as a result of new information or future events.
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