By Eliminating Battery Infrastructure, Coca-Cola Will Improve Energy Efficiency and Recover More Than 2,000 Sq Ft of Facility Space
LATHAM, N.Y., Jan. 13, 2011 (GLOBE NEWSWIRE) — Plug Power Inc. (Nasdaq:PLUG – News) and Coca-Cola Refreshments USA (NYSE:KO – News) announced plans for a new fleet of GenDrive-powered Caterpillar lift trucks at Coca-Cola’s 250,000 sq. ft. bottling and distribution center in San Leandro, CA.
The GenDrive fleet at Coca-Cola’s facility will include 37 Class-1 sit down counterbalanced trucks. Previously using lead-acid batteries as a power solution, Coca-Cola is making the transition to GenDrive to take advantage of the increased productivity and improved space utilization offered by the technology.
By removing the infrastructure associated with the lead-acid battery charging, changing and maintenance, Coca-Cola will recover more than 2,000 square feet of facility space to use for other business operations. At the same time, electrical consumption will be reduced by an estimated 1.6 million kwh/year. These benefits will help Coca-Cola realize a return on investment and a 15% carbon reduction goal across the business.
“At Coca-Cola, we consider sustainability a core component to everything we do. Our goal is to be the beverage industry leader in energy conservation and climate protection,” said Brian P. Kelly, Product Supply Leader, Coca-Cola Refreshments. “Using Plug Power Fuel Cells for our fleet in the San Leandro facility is an example of this commitment. This innovative use of technology will help us reduce our carbon emissions, streamline our operations and work towards our aggressive environmental goals.”
“This is the second site in the Coca-Cola system to convert an existing lift truck fleet to GenDrive fuel cells,” said Andy Marsh, CEO at Plug Power. “It’s evidenced through these repeat customers the real value of the GenDrive solution. Hydrogen fuel cells are competing with the incumbent power sources and winning because they provide the most benefit for the organization. It’s a simple business decision.”
Plug Power received a purchase order from Coca-Cola in November, 2010 and shipped all 37 units to the customer in December, 2010.
About The Coca-Cola Company
The Coca-Cola Company (NYSE:KO – News) is the world’s largest beverage company, refreshing consumers with more than 500 sparkling and still brands. Along with Coca-Cola, recognized as the world’s most valuable brand, the Company’s portfolio includes 12 other billion dollar brands, including Diet Coke, Fanta, Sprite, Coca-Cola Zero, vitaminwater, Powerade, Minute Maid, Simply and Georgia. Globally, we are the No. 1 provider of sparkling beverages, juices and juice drinks and ready-to-drink teas and coffees. Through the world’s largest beverage distribution system, consumers in more than 200 countries enjoy the Company’s beverages at a rate of 1.6 billion servings a day. With an enduring commitment to building sustainable communities, our Company is focused on initiatives that protect the environment, conserve resources and enhance the economic development of the communities where we operate. For more information about our Company, please visit our website at www.thecoca-colacompany.com.
About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power revolutionized the industry with cost-effective power solutions that increase productivity, lower operating costs and reduce carbon footprints. Long-standing relationships with industry leaders forged the path for our key accounts, including Wegmans, Whole Foods, and FedEx Freight. With more than 1,000 units in the field and over 1.5 million hours of runtime, Plug Power manufactures tomorrow’s incumbent power solutions today. Visit us at www.plugpower.com.
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Plug Power Inc. Safe Harbor Statement
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to expectations regarding revenues and product orders for 2010. These statements are based on current expectations that are subject to certain assumptions, risks and uncertainties, any of which are difficult to predict, are beyond our control and that may cause our actual results to differ materially from the expectations in our forward-looking statements including statements regarding the risk that unit orders will not ship, be installed and/or convert to revenue, in whole or in part; the cost and timing of developing our products and our ability to raise the necessary capital to fund such development costs; the ability to achieve the forecasted gross margin on the sale of our products; the 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 GenDrive system; 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 improve system reliability for GenDrive; competitive factors, such as price competition and competition from other traditional and alternative energy companies; our ability to manufacture products on a large-scale commercial basis; our ability to protect our intellectual property; the cost of complying with current and future governmental regulations; and other risks and uncertainties discussed under “Item IA-Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2009, filed with the Securities and Exchange Commission (“SEC”) on March 16, 2010, and the reports we file from time to time with the SEC. Plug Power does not intend to, and undertakes no duty to update any forward-looking statements as a result of new information or future events.
Media Contact: Reid Hislop Plug Power Inc. Phone: (518) 782-7700 ext. 1360 Investor Relations Contact: Cathy Yudzevich Plug Power Inc. Phone: (518) 782-7700 ext. 1448