LATHAM, N.Y., Aug. 19, 2020 (GLOBE NEWSWIRE) — Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, today announced a new 1kW ProGen fuel cell system intended for small scale robotics, automatic guided vehicles (AGVs), unmanned aerial vehicles (UAVs), and other aerospace applications. The new ProGen system represents an expansion of the technology and product line acquired through the Company’s June 2019 acquisition of EnergyOr, a Montreal-based fuel cell systems company with extensive experience in aerospace fuel cell system design and application. Plug Power’s new fuel cell system combines a patented light-weight and rugged construction method with its proprietary air-cooled, closed-cathode technology, delivering several key advantages over market competitors.
“Plug Power builds cutting-edge technology from ideation to operation,” said Andy Marsh, CEO for Plug Power. “ProGen hydrogen fuel cells allow devices with electric motors to run cleanly and efficiently. The 1kW ProGen lets Plug Power power everything from electric vehicles to small robotics and UAVs, and everything in between. Yet another solution to support the global supply chain.”Plug Power’s lightweight and rugged new 1kW fuel cell system is specially designed to deliver extended flight endurance and run times under the most demanding operating conditions. With a compressed hydrogen fuel source, the system outperforms the average lithium battery in terms of endurance by a factor of three to four. With liquid hydrogen fueling systems, this endurance advantage is extended to a factor of up to nine times.Plug Power’s new 1kW fuel cell system is a larger and more powerful version of the ProGen 450W. Its sophisticated air-cooled and closed-cathode technology eliminates significant complexity, removing the weight of the liquid cooling loop and heat exchangers used in traditional liquid-cooled systems. This simplicity of design allows for an elegant, remarkably lightweight overall system architecture. At the same time, the closed-cathode allows the stack’s cathode loop to be pressurized for high altitude and high ambient temperature operation with minimal system performance loss, while also reducing cathode contamination—three areas where typical open-cathode systems face significant limitations.Plug Power is now launching this new fuel cell system, the ProGen 1kW, into the market. “I’ve always believed that technology and talent are the most valuable assets that a company can secure in any acquisition,” says Andy Marsh, CEO of Plug Power. “That’s true in general, but it’s especially true for those of us who work in high-tech industries. In less than a year, the EnergyOr team has become a vital and closely integrated part of the Plug Power family. As a result, Plug Power is now able to take its first steps into the world of aerospace and UAV applications with an incredibly powerful new fuel cell system. This product has incredible potential. In fact, I’d say the sky really is the limit.” The new ProGen 1kW fuel cell system is protected by five U.S. patents, and is one of five sub-2kW products offered by the company. Others include: the ProGen 450W for robotics and UAVs, the 1.5kW GenDrive for material handling, and the backup power models GenSure E-1100 (1.1kW) and GenSure E-200 (200W).About Plug Power
Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell (HFC) 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 providing efficiency gains and meeting sustainability goals.Plug Power created the first commercially viable market for hydrogen fuel cell (HFC) technology. As a result, the company has deployed over 35,000 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.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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