Plug Power Inc reports orders for 584 GenDrive fuel cell power units for forklift applications during 2009.
"Plug Power saw strong market traction in both the materials handling and remote prime power markets during 2009," says Andy Marsh, Plug Power chief executive officer. "Businesses implemented our solutions to benefit their operations and allow for sustainability targets to be met."
The company notes, "Major companies such as Central Grocers
(Forkliftaction.com News #404), Wegmans
(Forkliftaction.com News #426), Sysco and Coca-Cola have first-mover advantage in an industry where revenue is generated based on the efficiency of the operations. Plug Power's GenDrive solution offers customers an environmentally conscious alternative to lead-acid batteries as a power source for electric forklifts, allowing for increased productivity and lowered lifetime operational costs of the operation."
Plug Power launched technology to power class-2 standup-reach truck units during the fourth quarter of 2009. "This system is a critical enhancement to the GenDrive offering, complementing the product portfolio and achieving a key corporate milestone," the company says. "Following on successful tests with major lift truck OEMs in North America, targeted customers can now convert their entire lift truck fleet to hydrogen fuel cell power units."
Tom Hoying, vice president of sales, says, "The successful launch of the GenDrive class-2 product dramatically increased the level of interest and sales activity during the fourth quarter. The convenience of full-fleet conversion, coupled with increased productivity and lowered operational costs, makes the buying decision considerably easier for the customer."
Hoying says Plug Power received a purchase order during the 2009 fourth quarter from a major retailer constructing a new facility using only a hydrogen infrastructure.
As reported on 14 October, Plug Power's India unit and NeST Group's SFO Technologies of Cichon, India have a five-year strategic agreement for manufacturing GenSys fuel cell systems in India. Plug Power sold 200 of the prime power GenSys units to Wireless TT Info Services Ltd, the cellular communications tower arm of Tata Teleservices Ltd of Mumbai, India.
Shares of Latham-based Plug Power trade on the Nasdaq stock market. The firm has until 7 June to regain compliance with the market's minimum bid price rule. Failing to regain compliance could result in Nasdaq delisting the Plug Power shares.