October 15, 2008
Plug Power Extends Market Reach Through Global Partnership With Rittal; Plug Power Supplies Technology for Rittal’s First Commercial Fuel Cell Product
LATHAM, N.Y., Oct. 15, 2008 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, announced today that it has entered into a strategic supply agreement with Rittal GmbH & Co. KG, one of the world's leading system suppliers for enclosure and housing technology. Under this agreement, Rittal will integrate Plug Power's GenCore(r) fuel cell technology into their enclosure to create the RiCell 5000. Rittal will manufacture these hydrogen fuel cell units for sale into the chemical production, traffic and tunnel infrastructure, information technology and telecommunications industries.
The RiCell 5000 will be the first commercially available hydrogen fuel cell solution offered by Rittal. Plug Power's advanced fuel cell technology provides 5kW of power, most commonly used for backup power within the wireless and wireline telecommunication markets. As a leader in the fuel cell industry, Plug Power has placed more than 800 units in the field in 26 countries.
Rittal possesses an expertise in system integration and manufacturing as well as an extensive sales and customer support infrastructure in more than 120 countries. The partnership will allow Plug Power to leverage Rittal's strong customer channels to expand its addressable market portfolio.
"Today, Plug Power's largest U.S. customer base is wireless telecommunication providers. We believe that large volume GenCore sales into this market are contingent upon the acceptance of the FCC mandate for wireless carriers to provide at least eight hours of backup power to all cell tower sites," said Plug Power president and CEO, Andy Marsh. "This supply agreement with Rittal will allow Plug Power to open up additional revenue streams abroad, engaging Rittal's European-based industrial market connections."
"Rittal's reputation of providing world-class products is enhanced with Plug Power's sophisticated fuel cell technology," said Dr. Thomas Steffen, Executive Vice President at Rittal. "Plug Power brings proven reliability and extensive field experience to the table, making this a very strong partnership for commercial success."
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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About Rittal GmbH & Co. KG
Since its foundation in the year 1961, Rittal GmbH & Co. KG, based in Herborn/Germany, has become a global player. Today, Rittal is one of the world's leading solution providers for enclosure and housing technology, system climate control and IT solutions with over 10,000 standard products available for immediate delivery. As a specialist for Technology Packaging, Rittal is a sought-after partner in all areas of industry and mechanical engineering, as well as a trendsetter for all segments of the IT/telecoms market. Rittal stands for future-oriented and comprehensive solutions, service and consulting competence.
The Rittal product spectrum covers the fields of industrial enclosures, electronic packaging, system climate control, power distribution, IT solutions and communication systems.
Rittal can also offer, through its subsidiary companies Lampertz and Litcos under the designation of "Rittal - Complete IT Competence," an integral spectrum of solutions for efficient, safe and ecological data centers. Leading software suppliers Eplan and Mind8, also Rittal subsidiary companies, supplement the Rittal product ranges with their interdisciplinary engineering solutions for the industry.
In order to serve the world's market places optimally, 19 high-tech production locations supply 60 subsidiaries, 150 sales and logistics centers and more than 70 agencies around the globe. In Germany, 22 Rittal sales and logistics centers covering the whole country are catering for the customers' every need. With over 11,100 employees worldwide, Rittal International is the largest company of the Friedhelm Loh Group, based in Haiger, Germany. The group's workforce totals more than 12,200.
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