Plug Power Inc Reveals Another New Customer

Plug Power announced today that it has added packaging material provider Uline to its list of customers. In a press release, the company stated that it will deploy more than 130 GenDrive units to Uline’s distribution center in Pleasant Prairie, Wis.

The company is also holding its annual shareholder meeting today.

Plug Power Inc Reveals Another New Customer

Plug Power signs up Uline

According to Plug Power, Uline offers same-day turnaround as part of its business strategy, which makes its material handling equipment especially important. The first set of GenDrive units will power Uline’s fleet of forklifts. Uline intends to add a second fleet of lift trucks for another location that will also be powered by Plug Power’s GenDrive systems in the next several months as well.

The company has ordered over 130 GenDrive units that will be spread across two of its facilities. Plug Power said the systems take up just a fraction of the floor space of traditional battery handling systems.

Plug Power expands GenFuel

Plug Power also announces plans to expand its GenFuel liquid system, which currently in an operational pilot phase in Pleasant Prairie, into a “full liquid system” which will have eight dispensers.

The company said the infrastructure it is installing at Uline’s facilities uses its new GenFuel construction process. It involves building much of the hydrogen infrastructure at Plug Power’s facility and then shipping it to the site where it will be utilized for installation. The company said it is more cost effective to build the systems at its own facility. Plug Power also said it can construct the systems at one of the fastest build rates in the industry.

Plug Power quickly adding new customers

Earlier this week, Plug Power revealed that it had signed a big box retailer as a customer. The hydrogen fuel cell system manufacturer did not identify the name of the retailer. The only hint it gave was that the customer ordered its GenKey hydrogen fuel cell system for its new distribution warehouse in the Toledo, Ohio area.

Plug Power also counts other big names such as Wal-Mart, Kroger and Home Depot among its customers.

As of this writing, shares of Plug Power were down 0.19% to $2.62 per share.