LATHAM, N.Y., June 3, 2010 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, highlights progressive legislation unveiled by Senator Charles Schumer to amend section 30B of the Energy Policy Act of 2005, also knows as the Alternative Motor Vehicle Credit (AMVC). The proposed legislation expands the definition of "fuel cell motor vehicle" to include fuel cell-powered material handling vehicles.
Expansion of this tax credit directly benefits Plug Power's GenDrive™ product suite, developed and manufactured at its Latham, NY headquarters. GenDrive is a superior alternative to lead-acid batteries as a power source for electric lift trucks. By converting operations to GenDrive hydrogen fuel cell power solutions, customers are able to increase productivity and lower operating costs with only heat and water as a byproduct. Extending financial incentives to material handling vehicles will help facilitate large-scale conversions to green technology at manufacturing and distribution centers across the country.
Senator Schumer's legislation would provide Plug Power and its suppliers with a significant boost and could create up to hundreds of jobs locally and through the state. "Senator Schumer's progressive legislation sheds light on the remarkable affects that fuel cell market growth can bring to New York State," said Andy Marsh, CEO at Plug Power. "By helping to commercialize sustainable fuel cell power solutions, thousands of green jobs will be created in manufacturing, engineering and the supply chain."
"We have one of the world's preeminent manufacturers of fuel cells right here, but due to arbitrary federal regulations, it is not able to compete on a level playing field," said Schumer. "That has to change. Fuel cells save energy and help the environment regardless of whether they're attached to a car or a forklift, and they should be treated equally. By leveling the playing field, we have the potential to create hundreds of jobs here in the Capital Region, but also at fuel cell parts manufacturers all over the state."
This proposed legislation was announced at a press conference held on Plug Power's 37,000 sq. ft. manufacturing floor on Wednesday, June 2. Also in attendance was Congressman Paul Tonko. Tonko introduced a similar piece of legislation, the Fuel Cell Industrial Vehicle Jobs Act of 2010, on April 28, 2010.
"Fuel cell technology has gained widespread traction in the material handling industry because of the efficiency and productivity gains that are realized," said Congressman Tonko. "Improving incentives for large scale conversions to this clean technology will lead to new investment and new jobs at companies like Plug Power in Latham. I will continue to work with Senator Schumer on these common sense solutions that will create jobs and promote the use of clean energy."
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.