LATHAM, N.Y., Feb. 20, 2020 (GLOBE NEWSWIRE) — Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, today announced their partnership with Colorado-based Lightning Systems, a global developer of zero-emission drivetrains. This collaboration enables both companies to offer the world’s first electric, fuel cell-powered Class 6 trucks (up to 12.5 tons) capable of supporting middle-mile delivery logistics between warehouses and distribution centers.The zero-emission commercial trucks produced by the partnership will be powered by an integrated hybrid-electric drivetrain consisting of Plug Power’s ProGen fuel cell engines coupled with Lightning Systems’ electric vehicle drivetrain and batteries. As part of the company’s long-standing commitment to reliability, efficiency, and cost-saving solutions, Lightning Systems also will offer customers advanced diagnostics and analytics powered by its artificial neural network technology. This technology enables customers to easily track vehicle and fuel cell system data for analysis, driver training, and route optimization. Plug Power provides the world’s largest service and support network of certified fuel cell service technicians deployed throughout North America. Final production and testing of the new vehicles will be completed at Plug Power’s headquarters in Latham, New York, before they are made commercially available to the public in the third quarter of 2020.Plug Power and Lightning Systems will deliver both standard and long-range Class 6 trucks through their partnership, taking full advantage of the value that fuel cells offer in commercial fleets where high utilization, long range, fast fueling, and maximization of cargo volume and payload are important. Plug Power’s ProGen engines provide 90 kW of fuel cell power and utilize the latest generation of the company’s proprietary MEA and metal plate stack technology, which delivers industry-leading power density. The standard vehicle offering includes an impressive 20kg of on-board hydrogen storage, delivering average range (for typical route profiles) in excess of 200 miles. An extended range option is also available, effectively doubling the standard average range to 400 miles.“We’re thrilled to be partnering with Lightning Systems to expand our ProGen offerings with a new Class 6 trucking solution,” says Plug Power CEO Andy Marsh. “This partnership allows us to meet our customers’ needs at every stage of their journey from fuel cell-powered forklifts on the warehouse floor to last-mile delivery and now middle-mile delivery between distribution centers as well. We’re proud to say that we now offer sustainable solutions for every link in the global supply chain.”“Lightning’s modular powertrains were designed to support both battery-electric and fuel cell-electric vehicle configurations, so this is a natural next product for us,” said Tim Reeser, CEO for Lightning Systems. “Plug Power’s hydrogen fuel cell system dovetails elegantly with our existing technology.”Plug Power and Lightning Systems bring a wealth of experience in the material handling, logistics and trucking industries. The companies have spent a combined three decades servicing leading companies around the globe.About Plug Power Inc.
The architect of modern hydrogen and fuel cell technology, Plug Power is the innovator that has taken hydrogen and fuel cell technology from concept to commercialization. Plug Power has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. The Company’s GenKey solution couples together all the necessary elements to power, fuel and serve a customer. With proven hydrogen and fuel cell products, Plug Power replaces lead acid batteries to power electric industrial vehicles, such as the lift trucks customers use in their distribution centers.Extending its reach into the on-road electric vehicle market, Plug Power’s ProGen platform of modular fuel cell engines empowers OEMs and system integrators to rapidly adopt hydrogen fuel cell technology. ProGen engines are proven today, with thousands in service, supporting some of the most rugged operations in the world. Plug Power is the partner that customers trust to take their businesses into the future. Learn more at www.plugpower.com.About Lightning Systems
Lightning Systems designs and manufacturers premium zero-emission, all-electric powertrains for commercial fleets – from Class 3 Ford Transit vans to Class 6 work trucks and Class 7 and 8 city buses. The Lightning team works with forward-thinking fleets to provide the right electric powertrain on the right chassis in the right drive cycle. Lightning’s products improve a fleet’s operating costs and safety, and leverage advanced telematics and analytics reporting designed to support commercial electric vehicle fleets as they scale. For more information, contact Lightning Systems at 800-223-0740 or visit lightningsystems.com.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, 2018. 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.SOURCE: PLUG POWERPlug Power Media Contact
Ian Martorana
The Bulleit Group
(415) 237-3681
[email protected]Lightning Systems Media Contact
Dan Bennett
(970) 744-7217
[email protected]A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d40b07f3-9c7c-4d64-aef9-a2cee916daa3
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