InvestmentPitch : Plug Power (NASDAQ:PLUG) Sells 123 Hydrogen-based GenDrive
Fuel Cells to Mercedes-Benz - Video Posted on InvestmentPitch.com
Vancouver, British Columbia, August 22, 2013 - Plug Power (NASDAQ:PLUG
announced that Mercedes-Benz US International has ordered 123 additional
hydrogen-based GenDrive fuel cell units to power new forklift trucks for its
material handling fleet at a logistics hub now under construction in
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"The Mercedes-Benz plant in Tuscaloosa has experienced first-hand the value of
GenDrive fuel cells to operate its forklift fleet," said Andy Marsh, CEO of
Plug Power. "Success with their initial implementation has led Mercedes to
broaden their commitment to sustainable energy by ordering even more GenDrive
units to power the fleet in their new logistics center."
Last July, Mercedes purchased 72 GenDrive fuel cells for the lift truck fleet
at its Tuscaloosa vehicle assembly plant. Earlier this year, construction
began on a brand new $70 million, 900,000 square-foot state-of-the-art
Compact refueling stations will be available in several locations within the
facility, with hydrogen provided by Air Products (NYSE:APD).
Plug Power's GenDrive fuel cell is designed as a drop-in replacement for
lead-acid batteries. It is a more efficient, cost-effective method of
providing clean energy for warehouse and distribution operations. Not only
does fuel cell usage eliminate the possibility of lead and acid contamination
in the workplace, it also eliminates the need for battery storage and
re-charging rooms in the new logistics hub. Fuel cells take only minutes to
fully re-fuel, whereas batteries can take hours to reach maximum charge. In
addition, fuel cells keep lift trucks running at constant speed, unlike
batteries, which cause vehicles to slow as their charge runs down.
Plug Power currently trades at $0.42 and with 80.8 million shares outstanding,
is capitalized at $33.9 million.
For more information about Plug Power, please visit the company's website at
www.plugpower.com. The company's investor relations is handled by The David
James Agency. Please contact David Rodewald at 805-494-9508 or email
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Barry Morgan, CFO
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