LATHAM, N.Y., April 16, 2009 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, has announced they have received over $6 M in awards from the United States Department of Energy (DOE) for fuel cell market transformation programs. The funding will be used to integrate Plug Power's fuel cell solutions into material handling, residential and stationary power applications. Successful completion of these projects will strengthen the product portfolios for Plug Power's GenDrive and GenSys products.
Additionally, nine programs were awarded to Plug Power customers for DOE market transformation projects, totaling over 304 GenDrive units deployed into the field. Replacing lead acid batteries in electric lift trucks, these product installations will allow for fleet conversions within warehouses and distribution centers in Arkansas, Colorado, Ohio, Pennsylvania, South Carolina and Texas.
"These awards move commercial customers beyond field trials to full fleet conversions," said Tony Troutt, Director of Sales at Plug Power. "Strong support from large customers in diverse industries will drive rapid market adoption."
As part of the $6 M in awards, the DOE will also fund a three-year project to verify the durability and commercial readiness of Plug Power's combined heat and power GenSys product. Designed for residential and light commercial applications, GenSys replaces traditional furnaces and boilers, creating electricity and high-quality heat for the consumer. The DOE funded reliability fleet will be installed in highly visible locations in Southern California, working with Southern California Gas Company, a Sempra Energy utility, and the National Fuel Cell Research Center at the University of California, Irvine.
"We appreciate the DOE's investment and commitment to fuel cell technology," said Katrina Fritz Intwala, Vice President of Government and Public Relations. "Their vision and leadership has facilitated expansion and growth within the industry. This will allow companies like Plug Power and its customers to deploy exciting alternative energy products and accelerate the growth of green jobs."
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.
The Plug Power Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4446
Plug Power Inc. Safe Harbor Statement
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding our growth plan. 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 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 energy products; the cost and timing of developing Plug Power's energy products; market acceptance of Plug Power's energy products; Plug Power's ability to manufacture 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 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; the cost and availability of fuel and fueling infrastructures for Plug Power's energy products; Plug Power's ability to protect its Intellectual Property; Plug Power's ability to lower the cost of its 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 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, 2008, filed with the Securities and Exchange Commission ("SEC") on March 16, 2009, 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 communication.