Tata Teleservices Ltd., Plug Power and Hindustan Petroleum Corporation Ltd. Successfully Demonstrate Operational Viability of Fuel Cells for Telecoms in Rural India
MUMBAI, India and LATHAM, N.Y., Aug. 21, 2008 (GLOBE NEWSWIRE) — Tata Teleservices Limited (TTSL), Plug Power Inc., a leading fuel cell company based in Latham, NY, USA, and Hindustan Petroleum Corporation Limited (HPCL), announced today that they have successfully conducted a field trial involving Plug Power’s GenSys(r) prime power fuel cell product in rural India. Performed at a TTSL cell tower site in Bijnour, Uttar Pradesh, the field trial was designed to test both the performance of the GenSys fuel cell and the LPG refueling infrastructure for cell tower applications in rural India.
The GenSys system, commissioned and operated by Plug Power, was used as the primary power source for meeting the site’s total power load — consisting of the base transceiver station (BTS) equipment, air conditioners, and AC lighting. The GenSys product targets prime power applications in areas which do not have any grid power or have access to only a highly unstable grid. Lower overall operating costs are expected due to longer life and lower maintenance and fuel costs, when compared to traditional diesel generators. The fuel cell’s integrated reformer extracts the necessary hydrogen directly from the LPG fuel, thus eliminating the need for direct supply of hydrogen. The system’s high overall efficiency reduces green house gas emissions as compared to traditional power generation and distribution methods.
Strata-gems management consulting group acted as the strategic advisor for this project, and was instrumental to the success of the field trial by facilitating the interaction between all three companies.
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.primenewswire.com/newsroom/prs/?pkgid=4446
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.
This news release was distributed by GlobeNewswire, www.globenewswire.com
CONTACT: Plug Power Inc. Media Contact: Katrina Fritz Intwala (518) 782-7700 ext. 1360 Investor Relations Contact: Cathy Yudzevich (518) 782-7700 ext. 1448