LATHAM, N.Y., July 1, 2008 (PRIME NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced that it has received a $500,000 contract to support commercialization of its residential micro-combined heat and power (CHP) fuel cell system. Issued by the New York State Energy Research and Development Authority (NYSERDA), the contract will fund the integration of heating technology, which will result in a system that meets the full comfort needs of a home.
The micro-CHP fuel cell, part of Plug Power's GenSys(r) line of continuous power products, is designed to replace current technology used for heating in residential and small commercial applications. By producing high-quality heat, hot water and electricity for the home or facility, the high-temperature GenSys fuel cell system provides peak electrical and overall efficiencies, which are expected to save consumers an estimated 30% on their annual utility bills, while generating near-zero emissions.
The competitively awarded NYSERDA contract will allow Plug Power to focus on accelerated engineering and product refinement through the integration of a peak burner into the fuel cell system. The new design will enable rapid start-up time, allowing the system to meet the customer's immediate heating demands while maximizing the fuel cell's electrical utilization. By decoupling electrical and thermal functions, the single box solution can distinguish and separate the home's required heating needs from its electrical needs. This improved feature allows for lower integration costs into residential and small commercial applications.
"This solution utilizes leading edge technology which is expected to benefit consumers through reduced cost of energy and more efficient heating systems," said Mark Sperry, vice president and general manager of Plug Power's Continuous Power Division. "The CHP system is anticipated to yield a combined efficiency in excess of 85%, more than double the fuel efficiency of the grid."
"NYSERDA has provided funding for the research and development of Plug Power's high-temperature fuel cell system since 2004, reinforcing our commitment to fuel cell advancement and commercialization," said Robert G. Callender, NYSERDA's vice president for Programs. "Commercialization of fuel cell technology will create enormous market opportunities for New York firms involved in the manufacturing, sale, installation and maintenance of systems."
About Plug Power Inc.
Plug Power Inc. (Nasdaq:PLUG), an established leader in the development and deployment of clean, reliable energy solutions, integrates fuel cell technology into motive, continuous and backup 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 www.plugpower.com.
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