8-K
Plug Power Inc (PLUG)
View as plain text
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 19, 2022
Plug Power Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 1-34392 | 22-3672377 |
|---|---|---|
| (State or other jurisdiction | (Commission File | (IRS Employer |
| of incorporation) | Number) | Identification No.) |
| 968 Albany Shaker Road, Latham, New York | 12110 | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including
area code: (518) 782-7700
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities<br>Act (17 CFR 230.425) |
|---|---|
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange<br>Act (17 CFR 240.14a-12) |
| --- | --- |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under<br>the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under<br>the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.01 per share | PLUG | The Nasdaq Capital Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 7.01 Regulation FD Disclosure.
On October 19, 2022, Plug Power Inc. (the “Company”) issued a press release announcing that it entered into an agreement with FreezPak Logistics, a leading third party food logistics company (“FreezPak”), pursuant to which the Company will provide fuel cells, hydrogen storage and fueling infrastructure to nine FreezPak sites and nearly 400 lift trucks. A copy of the press release is furnished herewith as Exhibit 99.1.
The information included in this Item 7.01 and Exhibit 99.1 of this Current Report are not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall this Item 7.01 and Exhibit 99.1 be incorporated by reference into the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such future filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| ExhibitNumber | Title |
|---|---|
| 99.1 | Press Release of Plug Power<br> Inc. dated October 19, 2022 |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Plug Power Inc. | ||
|---|---|---|
| Date: October 19, 2022 | By: | /s/ Paul Middleton |
| Name: Paul Middleton | ||
| Title: Chief Financial Officer |
Exhibit 99.1
Plug, FreezPakLogistics Expand Agreement to Supply Fuel Cells at 9 Additional Sites
FreezPak willexpand its operations across the U.S. with Plug fuel cells and hydrogen infrastructure.
LATHAM, N.Y.,Oct. 19, 2022 -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, today announced an agreement with FreezPak Logistics, a leading third party food logistics company, to provide fuel cells and hydrogen storage and fueling infrastructure to nine additional sites and nearly 400 lift trucks.
The multi-site agreement makes FreezPak Logistics, a Plug customer since 2014, a pedestal customer — joining other leading companies, such as Amazon, Walmart and Home Depot. The agreement includes providing hydrogen infrastructure and fuel cells for lift trucks at four existing FreezPak Logistics sites, along with five additional sites scheduled for 2023. In total, Plug will support 11 customer sites across the U.S, including the three sites already in operation.
“FreezPak Logistics has been a longstanding believer in Plug’s innovative technology and hydrogen fuel cells,” Andy Marsh, Plug CEO, said. “We are thrilled to expand our partnership, which further improves the American supply chain and decreases carbon emissions.”
As a Plug customer for eight years, FreezPak Logistics has witnessed firsthand the benefits of transitioning from lead-acid batteries to hydrogen fuel cells. The company reported seeing a productivity boost of 100% because fuel cells operate at full power throughout a shift, while batteries require frequent recharging.
“FreezPak continually strives for ways to be more efficient, sustainable and increase productivity,” Dave Saoud, FreezPak Logistics Co-Founder/CEO, said. “Given our long-term relationship with Plug, it makes sense to work together toward a common vision — progression and reducing carbon emissions.”
In addition to greenhouse gas reduction, Freezpak Logistics saw electricity bills drop by 31.5% and an increase in usable space by up to 5,000 square feet per location.
Michael Saoud, FreezPak Logistics Co-Founder/CEO, said, “We are committed to clean energy and solutions that boost our operations. Improving uptime and continuing our path with innovation, we are excited to grow our partnership with Plug.”
Improving the global supply chain through increased productivity is at the core of Plug’s material handling business. During the height of the COVID-19 pandemic, Plug's robust solutions were operating at 99% efficiency and moved approximately 30% of the retail food and groceries through the U.S. to support the needs of customers like FreezPak Logistics.
AboutPlug
Plug is building an end-to-end green hydrogen ecosystem, from production, storage and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 50,000 fuel cell systems and over 165 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen. With plans to build and operate a green hydrogen highway across North America and Europe, Plug is building a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and multiple green hydrogen production plants that will yield 500 tons of liquid green hydrogen daily by 2025. Plug will deliver its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications. For more information, visit www.plugpower.com.
Plug Power Safe HarborStatement
This communication contains “forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power Inc. (“PLUG”), including, but not limited to, statements about: PLUG’S plans to provide infrastructure and fuel cells to nine additional FreezPak sites and nearly 400 lift trucks, which includes providing infrastructure and fuel cells for lift trucks at four existing FreezPak Logistics sites, along with five other sites scheduled for the first quarter of 2023; PLUG’s plan to support customer sites across the U.S.; the expectation that the partnership with FreezPak will further improve the America supply chain and decrease carbon emissions; PLUG’s plans to build an end-to-end green hydrogen ecosystem and operate a green hydrogen highway across North America and Europe; the expected production of liquid green hydrogen by 2025; and expectations regarding PLUG’s joint venture partners and the uses and applications of its hydrogen solutions. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of PLUG in general, see PLUG’s public filings with the Securities and Exchange Commission (the “SEC”), including the “Risk Factors'' section of PLUG’s Annual Report on Form 10-K for the year ended December 31, 2021 and any subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof, and PLUG undertakes no obligation to update such statements as a result of new information.
MEDIA CONTACTS:
Plug
Caitlin Coffee
Allison+Partners
plugPR@allisonpr.com