August 15, 2008
Hydrogen Road Tour Features Plug Power’s GenDrive Fuel Cell; Power Units for Lift Trucks On Display At Two Sites Along Tour
LATHAM, N.Y., Aug. 15, 2008 (PRIME NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced that their GenDrive(tm) fuel cell unit will be featured at two stops along the thirteen-day nationwide Hydrogen Road Tour. Nine auto manufacturers, the U.S. Department of Energy, California Fuel Cell Partnership, National Hydrogen Association, and U.S. Department of Transportation are sponsoring a tour of hydrogen vehicles, making 31 stops in 18 states, stretching from Maine to California.
Plug Power's GenDrive fuel cell unit will be on display in a class I sit-down counterbalanced lift truck at the Bridgestone-Firestone plant in Aiken, South Carolina on Saturday, August 16. That following Monday, August 18, a class I GenDrive fuel cell unit will be featured at the Nissan plant in Smyrna, Tennessee. While commercial availability of automotive fuel cells is still years away, Plug Power continues to drive adoption of fuel cell technology in niche markets with products that are working in application today. For operators of large warehouses, distribution centers and manufacturing facilities, Plug Power's GenDrive fuel cell units deliver enhanced productivity in a product that offers lower life-cycle costs than the incumbent technology -- lead-acid batteries.
"Plug Power's GenDrive product line is proof that fuel cell technology is no longer a vision of the future, it's already here," said Chris Reid, Vice President of Plug Power's Motive Power Division. "Niche markets, such as hydrogen fuel cell powered lift truck applications, will help transition the technology as we work to engage larger markets such as automotive."
For more information about the Hydrogen Road Tour please visit http://hydrogenroadtour08.dot.gov/Default.aspx.
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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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 plans. 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 the restructuring results in greater restructuring charges or less cost savings; the risk that the FCC does not adopt rules regarding back up power requirements; 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, 2007, filed with the Securities and Exchange Commission ("SEC") on March 17, 2008, 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.
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CONTACT: Plug Power Inc. Media Contact: Katrina Fritz Intwala (518) 782-7700 ext. 1360 Investor Relations Contact: Cathy Yudzevich (518) 782-7700 ext. 1448