Plug Power Named to Food Logistics’ Top Green Providers List for 2020

Rhea-AI Summary

Plug Power (NASDAQ: PLUG) has been named to Food Logistics' Top Green Providers list for 2020, marking its fourth consecutive year on the list. The company plays a significant role in the clean hydrogen economy, powering 30% of retail food and grocery logistics in the U.S. during the COVID-19 pandemic. Plug Power's hydrogen fuel cell solutions enhance sustainability in logistics, with over 32,000 fuel cell-powered forklifts completing more than 27 million hydrogen fills. The company aims to expand its clean energy solutions across various sectors, including zero-emission vehicles.

Positive

• Named to Food Logistics' Top Green Providers list for the fourth consecutive year.
• Powers 30% of retail food logistics in the U.S., up from 25%.
• Over 32,000 fuel cell-powered forklifts completed 27 million hydrogen fills.
• Plans to improve sustainability in middle-mile and last-mile delivery vehicles.

Negative

• None.

LATHAM, N.Y., June 17, 2020 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), the leading company building the clean hydrogen economy, has been named to the Top Green Providers list for 2020 by Food Logistics, the only publication exclusively dedicated to covering the movement of products through the global food supply chain.

Food Logistics’ annual Top Green Providers recognizes companies whose products, services, or exemplary leadership are enhancing sustainability within the food and beverage industry. Each year, the criteria for earning a spot on the list become more stringent for applicants. For example, the editorial staff evaluates a company’s participation in such programs as the EPA’s SmartWay and other recognized sustainability programs; facilities that are LEED-certified, and/or feature solar panels, LED lighting, and other energy saving installations and retrofits that produce measurable reductions in GHG emissions, to name a few.

2020 marks the fourth year in a row that Plug Power has been named on the Top Green Providers list. Plug Power products move 30% of the retail food and groceries through the United States, an increase from 25%, as a result of support provided during the COVID-19 crisis.  In 2020, Plug Power’s hydrogen fuel cell (HFC) solutions will provide the power for middle-mile and last-mile delivery vehicles as well, improving the sustainability of the entire logistics chain. Improved efficiency, reliability, and cost efficacy—combined with access to fleet performance data—has continued to increase the adoption of HFCs in the food logistics space: 32,000 fuel cell-powered forklifts have completed over 27 million hydrogen fills. Plug Power enables customers of all sizes, including leading retail giants like Walmart and Carrefour (France), to reach new heights in facility productivity with affordable, efficient, and clean hydrogen and fuel cell power.

“Our annual Top Green Providers award recognizes companies whose products, services or exemplary leadership enhances sustainability within the food and beverage industry. From technology that reduces a fleet's carbon footprint to software that helps shippers drive energy efficiency to systems and processes that help reduce the carbon and environmental impact of its customers’ supply chains, these top green providers continue to practice the ultimate in sustainability year over year,” said Marina Mayer, Editor-in-Chief of Food Logistics.

“The benefits of hydrogen fuel cells are seen every day, resulting in an increase of more than 200 hours of pick time per year per vehicle in a 3-shift facility, versus a battery-powered forklift,” said Andy Marsh, CEO of Plug Power.  “We’re honored to be named to the Top Green Providers list for the fourth time as we continue to build and expand our portfolio of advanced technology, zero emission commercial solutions that enable customers in all parts of the supply chain to move product around the world in the cleanest way possible.”

About Plug Power Inc.         

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 HFC 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. https://www.plugpower.com

About Food Logistics

Food Logistics is published by AC Business Media, a business-to-business media company that provides targeted content and comprehensive, integrated advertising and promotion opportunities for some of the world’s most recognized B2B brands. Its diverse portfolio serves the construction, logistics, supply chain and other industries with print, digital and custom products, events and social media.

 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.

SOURCE: PLUG POWER

FAQ

What did Plug Power announce on June 17, 2020?

Plug Power was named to Food Logistics' Top Green Providers list for 2020, marking its fourth consecutive year on the list.

How significant is Plug Power in the food logistics sector?

Plug Power's products now move 30% of retail food and groceries through the U.S., an increase due to its support during the COVID-19 crisis.

What are the benefits of Plug Power's hydrogen fuel cells?

Plug Power's hydrogen fuel cells improve efficiency and reduce carbon footprints in logistics, with significant operational advantages over traditional battery-powered systems.

What milestones has Plug Power achieved in sustainability?

Plug Power has deployed over 32,000 fuel cell systems and completed over 27 million hydrogen fills, enhancing sustainability in the food and beverage industry.

What industries is Plug Power looking to expand into?

Plug Power aims to expand into zero-emission vehicles, robotics, and data centers, leveraging its expertise in hydrogen technology.