Plug Power and Alpine F1 Team Connect for Unique Collaboration
Plug Power (NASDAQ: PLUG) has announced a partnership with Alpine F1 Team, showcasing its logos on team cars and apparel. This collaboration supports a joint venture with the Renault Group to develop hydrogen solutions for on-road vehicles. Plug Power aims for a 30% market share in light commercial vehicles in Europe. CEO Laurent Rossi expressed enthusiasm for exploring sustainable mobility innovations with Plug Power, emphasizing the importance of hydrogen technology. Plug Power continues to lead in the hydrogen economy, having deployed over 40,000 fuel cell systems globally.
- Plug Power partners with Alpine F1 Team, enhancing brand visibility.
- Joint venture with Renault Group aims for 30% market share in hydrogen-powered light commercial vehicles.
- Plug Power's extensive deployment of over 40,000 fuel cell systems strengthens its market position.
- None.
LATHAM, N.Y, March 26, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions building the global green hydrogen economy, and Alpine F1 Team are delighted to announce a new partnership in Formula One. The Plug Power logos will be present on the Alpine F1 Team’s A521 cars and team racewear.
The Alpine F1 collaboration will be a complement to the Joint Venture under preparation for Renault Group and Plug Power to explore opportunities for hydrogen solutions in on-road vehicles as part of its commitment to sustainable mobility. In January 2021, the Renault Group and Plug Power announced the signature of a memorandum of understanding with the Renault Group to jointly develop the hydrogen powertrain for light commercial vehicles in Europe, targeting
Laurent Rossi, Chief Executive Officer, Alpine: “We are delighted to partner with Plug Power across multiple activities, in motorsport and roadcars, to explore different mobility solutions. Renault Group is committed to developing sustainable technology that will create minimal impact on the environment while being open to all road-users. Hydrogen fuel cells are an innovation that is well worth further investigation and Plug Power are the market leader. We look forward to working with them.”
Andy Marsh, Chief Executive Officer, Plug Power: “The breadth of opportunities for hydrogen fuel cell-powered hybrid electric vehicles is endless. Plug Power is encouraged to work on filling the need for sustainable solutions for activities in motorsport, on-road vehicles, and beyond.”
Plug Power is a global company engaged in the development of green hydrogen and fuel cell systems dedicated to electric vehicles. It has extended its reach into the on-road electric vehicle market, with its ProGen platform of modular fuel cell engines empowering 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.
About Plug Power
Plug 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 40,000 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. Learn more at www.plugpower.com.
Forward-Looking Statements
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 its multi-year investment and growth , PLUG’s clean hydrogen technology and fuel cell solutions playing a critical role in achieving climate and decarbonization goals, deepening of relationships with key stakeholders, and acceleration of demand and adoption of hydrogen technology . 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. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of PLUG in general, see PLUG’s public filings with the Securities and Exchange Commission, including the “Risk Factors” section of PLUG’s Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020. Readers are cautioned not to place undue reliance on these forward-looking 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.
Plug Power Media Contact
Ian Martorana
The Bulleit Group
(415) 237-3681
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e9719f3c-3dd8-462e-8943-9f55b31d5ca9.
FAQ
What is the partnership between Plug Power and the Alpine F1 Team?
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