Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, announces today an expanded contract with FM Logistic, making it the first traditional GenKey customer in Europe. FM Logistic initially adopted Plug Power's GenDrive hydrogen fuel cell technology in 2015. Continuing use today, this expanded relationship will include an increased fleet of GenDrive fuel cells along with a GenFuel hydrogen refueling station - Plug Power's first in Europe - which will supply FM Logistic's hydrogen capacity over the next five years. The deal with FM Logistic follows Plug Power's announcement of a new partnership with StreetScooter and DHL, representing continued European growth as part of Plug Power's strategic 2019 goals.
"For years we've been able to offer our material handling and logistic customers with the end-to-end solution they needed, whether it's fuel cell engines or hydrogen storage and dispensers," said Andy Marsh, CEO of Plug Power. "We are very excited to bring our customers in Europe the same services. Europe has been an area of focus for us this year, and this is a truly monumental step in proliferating hydrogen power. Ensuring a steady supply of hydrogen is a foundational element of reliable hydrogen infrastructure, and we continue to be a driving force for the global solution."
As one of the most forward-thinking companies in Europe, FM Logistic has worked with Plug Power for five years to decrease their carbon footprint and increase productivity and efficiency of the fleet vehicles running in their distribution centers and warehouses. With their accelerated growth and facilities across France, FM Logistic turned to Plug Power's GenKey solution. FM Logistic continues to show their commitment to clean, dependable, efficient power solution.
"It has been a pleasure to work with Plug Power over the last five years, and we look forward to continuing to grow this partnership," said Yannick Buisson, FM Logistic's Directeur Général France. "Plug Power's GenKey offering will allow us to benefit from a unique, turnkey solution that aligns with our business and sustainability goals. We have a corporate responsibility to ensure our options are green, and this partnership is a crucial one."
The new contract was signed in May 2019 and will include all necessary refueling infrastructure, related services, and hydrogen fuel. The new hydrogen refueling station will be located at FM Logistic's operation in Neuville aux Bois, France.
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. www.plugpower.com.
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