Plug Power Introduces ProGen Line For Mobility And Stationary Power Fuel Cell Systems

LATHAM, N.Y., Nov. 16, 2016 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy solutions that change the way the world moves, formally announced that its successful modular ProGen fuel cell engine technology, previously only available in its own products, will now be available to global customers for use in mobility and stationary power fuel cell systems.

"We are now offering ProGen fuel cell system components to independent companies as the flexible power building blocks for their motive and stationary products under development. ProGen is a key part of our future growth due to its robust and cost-effective simplicity as well as the positive impact it makes to our company's profitability," said Andy Marsh, CEO at Plug Power.

Through the modular ProGen line, Plug Power will continue to grow as a third-party engine supplier, providing mobility and stationary customers with industry-leading performance, reliability and time to market. The continued movement to electrification in drive train solutions is inevitable, and Plug Power sees growth opportunities in leveraging ProGen into new markets that include mobility applications such as logistics vehicles, delivery vans, ground support equipment, range extenders and electric passenger vehicles.

About the ProGen Fuel Cell Engine Line

Plug Power initially began shipping products with its ProGen fuel cell engine technology in the fourth quarter of 2015. Currently, the ProGen fuel cell technology, based on proton exchange membrane (PEM) technology, is rapidly becoming incorporated into Plug Power's GenDrive and GenSure products.

In the first half of 2016, approximately 40 percent of the GenDrive units shipped to mobility customers around the world included a ProGen engine. Plug Power expects to see this trend continue, growing ProGen powered GenDrive system shipments to approximately 70 percent by the end of 2016.

Plug Power ProGen engines are manufactured in the USA at Plug Power factories located in Latham, New York and Spokane, Washington. In the most recent quarter, Plug Power continued integration of ProGen into its newest GenDrive class 2 mobility power product, enabling a 40 percent cost reduction though system simplification.

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