Plug Power (PLUG) Says Mitsubishi Nichiyu Forklift Displaying GenDrive System at Logis Tech Tokyo

September 14, 2016 7:05 AM EDT

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Plug Power Inc. (Nasdaq: PLUG) announces that Mitsubishi Nichiyu Forklift is displaying one of the company’s GenDrive fuel cell systems in its industrial trucks at Logis Tech Tokyo – the culmination of a year of product evaluation and engineering collaboration work by both companies.

Mitsubishi Nichiyu will show the Plug Power GenDrive Model 1600 fuel cell in its own class 1 electric forklift truck. The company has been testing the fuel-cell powered forklift truck in Kyoto since June 2016. The products will be on display in stand #6-607 at the Logis Tech Tokyo event, which takes place Sept. 13-16 in the Big Sight convention center. More than 60,000 logistics industry professionals are expected to attend Logis Tech, which is billed as Japan's largest exhibition for material handling and logistics.

Mitsubishi Nichiyu is one of the top 10 industrial forklift manufacturers in the world, according to Modern Material Handling Magazine. The company was formed from the merger of Nippon Yusoki Co. Ltd and the forklift division of Mitsubishi Heavy Industries Ltd. in 2012. The merger of these two companies brings about a synergy that has made Mitsubishi Nichiyu Forklift a top global company, offering a full lineup of electric and fuel-powered forklift trucks and automatic guided vehicles.

Plug Power’s GenDrive fuel cells are the industry-leading solution for global industrial mobility applications with more than 121 million hours of run time in many of the largest and most demanding material handling centers in the world. When compared to lead acid batteries, GenDrive fuel cells increase productivity because they can be refueled in two minutes compared to 15 minutes for a battery swap and they experience no power drop in cold weather or when fuel is low. In addition to these productivity gains, GenDrive fuel cells require no battery room and don’t emit any hazardous gases like lead acid batteries. Companies throughout the world, including Walmart, Carrefour, FedEx and others, depend on GenDrive fuel cells.

“Mitsubishi Nichiyu’s decision to promote hydrogen and fuel cell solutions at Japan’s premier logistics event is a high profile way to take our collaboration to the next level,” said Andy Marsh, CEO of Plug Power. “We’ve made significant advances over the last 12 months and I look forward to working with Mitsubishi Nichiyu to take this joint solution to the marketplace.”

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