LATHAM, N.Y., Nov. 14, 2007 (PRIME NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable on-site energy solutions, today announced the operation of its Home Energy Station IV (HES IV) at Honda's Torrance, CA facilities. HES IV is a continuation of ongoing joint activity between Plug Power and Honda R&D Co., Ltd of Japan. The fourth generation Home Energy Station is a fuel cell system that converts natural gas into hydrogen that can be used to fuel a hydrogen-powered car, while providing heat and electricity for residential use.
The Home Energy Station IV represents the latest evolution of the technology with a 70 percent reduction in size compared to the first unit, making it even more suitable for household installation. Simultaneously, efficiency has significantly increased. Most notably, the HES IV utilizes Plug Power's innovative dual mode fuel cell stack technology, which generates electricity in one mode of operation and acts as a hydrogen purifier in the other. Dual mode stack technology simplifies system architecture and is expected to result in both cost reductions and manufacturing efficiencies. Coupled, these improvements bring the Home Energy Station and a stable hydrogen infrastructure one step closer to early commercialization.
"As automotive fuel cell technology continues to improve, the need for a reliable hydrogen infrastructure becomes increasingly important. Before fuel cell vehicles can have any significant market penetration, there will need to be a viable solution to the inevitable refueling question," said Mark Sperry, Plug Power's Chief Marketing Officer. "The Home Energy Station provides the means for vehicle owners to produce onsite hydrogen, as well as heat and power, in an efficient and environmentally friendly way."
Honda, the recognized leader in automotive fuel cell technology, showcased their all-new FCX hydrogen-powered fuel cell vehicle this week at the Los Angeles Auto Show. Plug Power has been working with Honda on the Home Energy Station since 2003.
About Plug Power
Plug Power Inc. (Nasdaq:PLUG), an established leader in the development and deployment of clean, reliable on-site energy solutions, integrates fuel cell technology into backup and primary power products for telecommunications, material handling, utility and uninterruptible power supply applications. The Company is actively engaged with private and public customers in targeted markets throughout the world, including North America, Europe, the Middle East, Russia, South Africa and South America. For more information about how to join Plug Power's energy revolution as an investor, customer, supplier or strategic partner, please visit www.plugpower.com.
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Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to our 2007 milestones and statements regarding our growth plans. 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 risk that the anticipated synergies of the Cellex Power Products and General Hydrogen acquisitions are not realized; the risk that unit orders will not ship, be installed and/or convert to revenue, in whole or in part; Plug Power's ability to develop commercially viable on-site energy products; the cost and timing of developing Plug Power's on-site energy products; market acceptance of Plug Power's on-site energy products; Plug Power's ability to manufacture on-site energy 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 Plug Power's on-site energy products; Plug Power's ability to establish relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; Plug Power's ability to protect its intellectual property; Plug Power's ability to lower the cost of its on-site energy products and demonstrate their reliability; 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 on-site energy products and other risks and uncertainties discussed under "Item IA-Risk Factors" in Plug Power's annual report on Form 10-K for the fiscal year ended December 31, 2006, filed with the Securities and Exchange Commission ("SEC") on March 16, 2007, and the reports Plug Power files from time to time with the SEC. Plug Power does not intend to and undertakes no duty to update the information contained in this press release.