Greene, N.Y. — The Raymond Corporation is now an independent distributor for the sale, rental and lease of Plug Power (NASDAQ: PLUG) GenDrive™ fuel cell units in North America. As an Authorized Service Provider, Raymond also will provide warranty and maintenance service on GenDrive products through its North American Sales and Service Center network. In addition, Raymond is a GenDrive Authorized Distributor of service parts.
“Plug Power is a fuel cell market leader, and this partnership enables Raymond to offer cutting-edge lift truck power solutions to the material handling industry,” says Chuck Pascarelli, executive vice president of sales and marketing for The Raymond Corporation. “Through this agreement, Raymond and its Sales and Service Center network can aid companies in the deployment of fuel cell-powered lift trucks and provide ongoing service and support throughout the life of the trucks.”
“Raymond’s leading AC technology, coupled with Plug Power’s proven GenDrive solutions will bring superior power and performance to the electric lift truck market,” says Andy Marsh, CEO of Plug Power. “By investigating and commercializing new technologies to power its durable, reliable lift trucks, Raymond is helping to offer companies a seamless solution for installing fuel cell-powered lift trucks.”
GenDrive fuel cell power units have been tested and approved for use in Raymond® Model 8400 pallet trucks, Model 4100 and 4200 stand-up counterbalanced trucks, and various Model 7400 Reach-Fork® trucks. Raymond is evaluating additional Raymond lift truck models to assess their compatibility with hydrogen fuel cells.
Based on recent demonstrations by lift truck and fuel cell manufacturers, there appears to be significant potential to improve warehouse productivity when fuel cells are used to power lift trucks in high-throughput warehouse applications. Hydrogen fuel cells can offer higher productivity in electric lift trucks because they can be rapidly refueled by operators, eliminating the need to change, store and maintain batteries. Plus, fuel cells produce constant voltage, which means there is no battery drop toward the end of a shift, and the vehicle experiences no performance degradation.
For more information about Raymond fuel cell-powered lift trucks or Plug Power’s GenDrive hydrogen fuel cell units, or to locate a Raymond Sales and Service Center, visit www.raymondcorp.com or call (800) 235-7200.
About The Raymond Corporation
The Raymond Corporation is a global provider of material handling solutions that improve space utilization and productivity, with lower cost of operation and greater operator acceptance. Raymond offers the iWarehouse® system, an enterprise fleet optimization solution for warehouse and distribution center managers to collect and analyze real-time lift truck data to maximize fleet productivity and reduce costs.
High-performance, reliable, ergonomically designed Raymond lift trucks range from a full line of manual and electric pallet trucks and walkie stackers to counterbalanced trucks, Reach-Fork® trucks, orderpickers and dual-purpose (pallet handling/case picking) Swing-Reach® trucks.
About Plug Power
Plug Power Inc. (NASDAQ: PLUG), an established leader in the development and deployment of clean, reliable energy solutions, integrates fuel cell technology into motive and continuous power products. The Company is actively engaged with private and public customers in targeted markets throughout the world. For more information about how to join Plug Power’s energy revolution as an investor, customer, supplier or strategic partner, please visit http://www.plugpower.com
Plug Power Inc. Safe Harbor Statement
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict or control and that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements, including, without limitation, the number of GenDrive and GenSys units we expect to ship in 2010 through 2012, our projected revenues for 2010 through 2012, and our expectations for achieving profitability and positive cash flow in 2012; our ability to reduce product and manufacturing costs; our ability to improve system reliability for both GenDrive and GenSys; our ability to successfully expand our product lines; the risk that unit orders will not ship, be installed and/or convert to revenue, in whole or in part; our ability to develop commercially viable products; the cost and timing of developing our products and our ability to raise the necessary capital to fund such development costs; market acceptance of our GenDrive and GenSys systems; our ability to manufacture products on a large-scale commercial basis; competitive factors, such as price competition and competition from other traditional and alternative energy companies; the cost and availability of components and parts for our products; 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 fuel and fueling infrastructures for our products; our ability to protect our intellectual property; the cost of complying with current and future governmental regulations; the impact of deregulation and restructuring of the electric utility industry on demand for Plug Power's energy products; 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, 2008, filed with the Securities and Exchange Commission ("SEC") on March 16, 2009, and the reports we file from time to time with the SEC. We do not intend to and undertake no duty to update the information contained in this communication.
Plug Power Media Contact:
Katrina Fritz Intwala
Phone: (518) 782-7700 ext. 1360
Plug Power Investor Relations Contact:
Phone: (518) 782-7700 ext. 1448
For additional information about The Raymond Corporation or to locate a Raymond Sales and Service Center, visit the company Web site at www.raymondcorp.com or call (800) 235-7200. Above. And beyond.®, iWarehouse®, Raymond®, Reach-Fork®, and Swing-Reach® are U.S. trademarks of The Raymond Corporation.
GenDrive™ is a trademark of Plug Power Inc.
©2010 The Raymond Corporation. All rights reserved.
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