New relationship comprises three-year reserved product supply agreement, augmenting Plug Power’s hydrogen supplier network.
LATHAM, N.Y., Sept. 18, 2019 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, and United Hydrogen an innovative hydrogen fuel supplier have announced a new hydrogen supply agreement. The alliance was formalized earlier this month with the signing of a three-year reserved product supply agreement between the two companies and will allow Plug Power to maintain competitive pricing for its current customer base, while also provisioning for future growth. Under the agreement, United Hydrogen will supplement Plug Power’s hydrogen delivery operation with a dedicated supply of liquid hydrogen—facilitating a diversified supply chain and bolstering Plug Power’s ability to seamlessly meet customer demand while increasing the amount of ‘green’ hydrogen supplied to its network.
“Hydrogen is, and should be, a competitive market,” said Andy Marsh, CEO, Plug Power, “and it’s crucial that we continually take steps to strengthen our supply chain and identify new, exciting partners in our efforts to grow global hydrogen and fuel cell markets. United Hydrogen is one of many such partners that show us what these relationships should look like. They’re far more than just a supplier; they are a true supply chain partner in every sense. We’re already working with the United Hydrogen team in conjunction with a handful of Plug Power customers, and we couldn’t be happier with the results.”
United Hydrogen currently provides liquid hydrogen to industrial customers throughout the U.S. and supplies fuel to the developing fuel cell electric vehicle market in California. United Hydrogen also delivers gaseous hydrogen to customers throughout the Southeast and Midwest U.S., in addition to its liquid hydrogen business.
Founded in 2005, United Hydrogen is a privately held, vertically-integrated supplier of hydrogen to the automotive fuel cell and industrial markets. The company opened its gaseous hydrogen facility in 2008 and its first liquid hydrogen production plant earlier this year in Charleston, Tennessee. United Hydrogen plans to construct four additional production facilities and 20 hydrogen filling within the next 5 years. United Hydrogen’s Charleston facility uses a low-carbon hydrogen production technique that incorporates both electrolysis and a proprietary purification process. The result is an environmentally-friendly product that far exceeds industrial grade purity standards.
“We are very proud to be joining forces with an organization like Plug Power,” said Brent Koski, COO, United Hydrogen. “Our mission has always been to achieve broad participation in the hydrogen economy through affordable, reliable production and distribution of hydrogen. I believe Plug Power shares that mission, and that they have already played a crucial role in helping to establish a competitive and commercially-viable hydrogen market that is poised for explosive growth in the years ahead.”
Plug Power is the leader in facilitating hydrogen fueling in the U.S. The Company has built more than 80 fueling stations to support more than 20 million fills into e-mobility applications. Plug Power customers are the largest users of liquid hydrogen in the country. The Company continues to invest in hydrogen supply and generation methods to support current and expected growth.
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 United Hydrogen
United Hydrogen Group (UHG) is an imaginative hydrogen production and distribution business based in the United States. UHG currently distributes gaseous and liquid hydrogen to its industrial customers throughout the eastern US. United Hydrogen owned and operated the hydrogen refueling station at JFK in New York and has plans to construct an additional 20 stations by 2025. UHG has ambitious plans to introduce new technologies to the hydrogen distribution market and open new frontiers for hydrogen refueling infrastructure for fuel cell electric vehicles.
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 POWER
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