LATHAM, N.Y., Oct. 7, 2008 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, highlights passage of the eight-year extension of the Investment Tax Credit for stationary, motive and portable fuel cell purchases. Signed into law by President Bush late Friday afternoon, this tax credit will offer a significant financial benefit for both commercial and residential fuel cell purchases placed in service through 2016.
The federal tax credit extension, with an effective date of January 1, 2009, has the potential to stimulate fuel cell product sales, create green technology jobs and reduce greenhouse gas emissions across the board.
The new law extends the 30% tax credit on the total system cost for both business and residential fuel cell customers and it increases the cap for businesses to $3,000.00 per kilowatt; residential cap will remain at $1,000.00 per kilowatt. For example, Plug Power's GenDrive(tm) fuel cell power units that replace lead acid batteries in material handling currently range between 3 and 14 kilowatts. The expansion of the credit amount and duration greatly increases the value proposition for GenDrive and provides opportunity for full site conversion to fuel cells from batteries.
"It is encouraging to see that Members of Congress recognize the positive effect this tax credit extension will have not only on the fuel cell industry, but on the United States as a whole," said Andy Marsh, president and CEO of Plug Power. "Investments in fuel cell technology will allow our country to move away from foreign oil and toward energy independence. Our current customers have realized the reliable and affordable solution offered by fuel cells. This tax credit extension will create a stronger demand for fuel cell solutions, allowing Plug Power to gain market traction of the next eight years.
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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