LATHAM, N.Y., July 16, 2020 (GLOBE NEWSWIRE) — Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, today announced the launch of its GenSure HP (high power) platform, a line of zero-emission stationary fuel cell systems designed for large-scale, high power backup power applications. This product line is focused on the largest segments in the $15 billion stationary power available market. Initially available in power output configurations ranging from 500 kilowatts (kW) to 1.5 megawatts (MW), the new GenSure HP platform offers a reliable and rapidly deployable solution for power-hungry data centers, energy storage systems, microgrids, and other high power commercial facilities.
“The GenSure HP platform is a reliable and cost-effective solution for any commercial facilities looking to upgrade their current large-scale backup power systems, and especially for those who wish to deploy sustainable solutions to support critical megawatt systems,” said Andy Marsh, CEO at Plug Power. “Our GenSure product suite has already been field proven with more than 100 million installed hours of site power protection, and we’re proud to now be expanding the GenSure line into high power applications as well.”GenSure HP hydrogen fuel cell systems are made up of Plug Power’s 125kW ProGen fuel cell engines, commercially launched in February of 2020. Initial configurations include power outputs of 500kW, 1MW, and 1.5MW, with all systems housed in standard ISO containers for ease of packaging and deployment. GenSure HP solutions are modular and scalable to meet higher capacity requirements, making them appropriate for a wide variety of high power applications ranging from as low as 100kW to those requiring multiple megawatts.McKinsey reports that the US currently requires nearly 40 GW of backup power capacity to support nearly 1,800 data hubs. By 2024, the solution for PEM fuel cells providing backup power in data centers will achieve cost parity with diesel engines. Today’s data centers operate on 15mW of generators – and emit a tremendous amount of noise and air pollution. Plug Power’s GenSure HP is a better solution to improve air quality and operational flexibility.The GenSure HP platform provides, clean, cost-effective performance to meet customers’ 24×7 stationary power needs with significantly lower maintenance requirements and much higher reliability than traditional combustion generators—enabling growth and capacity expansion in all regulatory environments.Turnkey packages for the GenSure HP product line include power, fuel, installation, permitting, and aftermarket service—delivering a comprehensive solution that aims to take the complexity out of the equation and enable a seamless transition to hydrogen power. Powered by clean-burning hydrogen fuel, GenSure HP systems provide extended, emissions-free runtime for all manner of critical equipment and are not subject to fuel spill containment or air quality reporting requirements. GenSure products are able to support value-added services such as load peak shaving and demand response programs without impacting emissions and operating hour limitations. Their low acoustic signature means they can be located anywhere power is required.Manufacturing production of the GenSure HP product line commences in December of 2020 to support 2021 customer activity.About Plug PowerPlug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell turnkey solutions. The Company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while meeting sustainability goals.Plug Power created the first commercially viable market for hydrogen fuel cell technology. As a result, the Company has deployed over 32,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power delivers a significant value proposition to end-customers, including meaningful environmental benefits, efficiency gains, fast fueling, and lower operational costs.Plug Power’s vertically-integrated GenKey solution ties together all critical elements to power, fuel, and provide service to customers such as Amazon, BMW, The Southern Company, Carrefour, and Walmart. The Company is now leveraging its know-how, modular product architecture and foundational customers to rapidly expand into other key markets including zero-emission on-road vehicles, robotics, and data centers.Plug Power 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, 2019. 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.Media Contact
Ian Martorana
The Bulleit Group
(415) 237-3681
plugpowerpr@bulleitgroup.comSOURCE: PLUG POWER
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