Walmart Canada to Use GenDrive Fuel Cells From Plug Power

GenDrive Used to Power Entire Electric Lift Truck Fleet


LATHAM, N.Y., June 22, 2010 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced that its GenDrive™ fuel cell units will power Walmart Canada's fleet of electric lift trucks at the company's sustainable refrigerated distribution center in Alberta, Canada.

The GenDrive systems will be integrated into trucks manufactured by Crown Equipment Corporation. Both perishable and freezer goods will be distributed in Walmart Canada's newly-built facility to support retail stores in Western Canada. The GenDrive freezer units will operate in conditions as low as -20 degrees F (-29 degrees C).

By utilizing GenDrive-powered lift trucks from the design stage, costs associated with installing, maintaining and operating traditional lead-acid battery systems are avoided. The decision to move forward with hydrogen-powered trucks and supporting infrastructure at the start allows for the possibility of future use at other existing sites.

In addition to lower operating costs, GenDrive allows for productivity increases, as material handling vehicles maintain maximum power and speed during an entire shift. Units can be refueled in less than two minutes, minimizing lost productivity.

Most importantly, the use of GenDrive hydrogen fuel cells provides companies with a power solution that aligns with environmental initiatives. With a possible greenhouse gas (GHG) emissions reduction of up to 72%, compared to batteries charged from the grid, GenDrive supports a sustainable operation.

"Plug Power is thrilled our GenDrive fuel cell product is helping Walmart Canada's Alberta facility become one of the most energy-efficient distribution facilities of its kind in North America," said Plug Power's CEO, Andy Marsh. "Plug Power's complete product suite allowed Walmart to implement the GenDrive solution throughout its entire fleet. The commercial economics make sense and we believe customers see the benefits this progressive solution brings to its operations."

"Crown's substantial research and development of fuel cell forklifts are focused on designs and applications customized to our customers' unique requirements," said Jim Moran, senior vice president, Crown Equipment. "There are measurable benefits, such as cost savings and increased productivity, which can be achieved by using fuel cells in forklifts within certain applications. We appreciate the opportunity to collaborate with Walmart in its efforts to realize these benefits in its Canada facility."

The systems are expected to begin shipping in June and will be operational at Walmart Canada in fall of 2010.

About Plug Power Inc.

The architects of modern fuel cell technology, Plug Power revolutionized the industry with cost-effective power solutions that increase productivity, lower operating costs and reduce carbon footprints. Long-standing relationships with industry leaders forged the path for our key accounts, including Wegmans, Whole Foods, and FedEx Freight.  With more than 1,000 units in the field and over 1.5 million hours of runtime, Plug Power manufactures tomorrow's incumbent power solutions today. Visit us at http://www.plugpower.com/">www.plugpower.com.

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Plug Power Inc. Safe Harbor Statement

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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, statements regarding the risk that unit orders will not ship, be installed and/or convert to revenue, in whole or in part; the cost and timing of developing our products and our ability to raise the necessary capital to fund such development costs; we may be unable to achieve the forecasted gross margin on the sale of our products; our actual net cash used for operating expenses may exceed the projected net cash for operating expenses; the cost and availability of fuel and fueling infrastructures for our products; market acceptance of our GenDrive and GenSys systems; our ability to establish and maintain relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; the cost and availability of components and parts for our products; our ability to develop commercially viable products; our ability to reduce product and manufacturing costs; our ability to successfully expand our product lines; our ability to improve system reliability for both GenDrive and GenSys; competitive factors, such as price competition and competition from other traditional and alternative energy companies; our ability to manufacture products on a large-scale commercial basis; our ability to protect our intellectual property; 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 energy products; and other risks and uncertainties discussed under "Item IA-Risk Factors" in our annual report on Form 10-K for the fiscal year ended December 31, 2009, filed with the Securities and Exchange Commission ("SEC") on March 16, 2010, and the reports we file from time to time with the SEC. We do not intend to and undertake no duty to update the information contained in this communication.



            

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