Plug Power To Receive $8.6M in DOE Funding
Posted on: Tuesday, 31 October 2006, 09:00 CST
LATHAM, N.Y., Oct. 31 /PRNewswire-FirstCall/ -- Plug Power Inc. , a leader in providing clean, reliable on-site energy products, has been selected by the U.S. Department of Energy (DOE) to receive three separate awards totaling $8.6 million for hydrogen fuel cell research, development and demonstration projects.
The DOE last week announced $100 million in awards to fund 25 projects as part of an initiative to reduce the country's dependence on foreign energy sources through the research, development and deployment of transformational new clean energy technology.
"This round of DOE funding represents a clear commitment to hydrogen fuel cells as a viable solution to the nation's energy needs," said Roger Saillant, Plug Power's CEO. "And as the only non-governmental entity receiving more than two awards, we see this as validation of Plug Power's position among the leaders in the development and commercialization of stationary fuel cells."
Specifically, Plug Power will receive: * $4 million for development and demonstration of an ethanol-based, grid- connected system with the U.S. Army Engineer Research and Development Center's Construction Engineering Research Laboratory * $3.6 million for the international development and demonstration of a high temperature combined heat and power proton exchange membrane (PEM) fuel cell system targeted for multi-family home applications. This is the first project of its kind, with joint collaboration between the DOE, the European Union, Plug Power's office in The Netherlands and European partners including the Vaillant Group. * $1 million for the development of a new design for a prototype 1kW PEM fuel cell stack
Plug Power will shortly begin negotiating with its subcontractors and with the DOE to finalize the terms and conditions related to these awards.
About Plug Power
Plug Power Inc. is an established leader in the deployment of clean, reliable, on-site energy products. More than 650 Plug Power fuel cell systems have been delivered to customers worldwide in commercial, public sector, telecommunications, utility and uninterruptible power supply markets. For more information about how to join Plug Power's energy revolution as an investor, customer, supplier or strategic partner, please visit http://www.plugpower.com/.
This press release 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, the risk that possible benefits of strategic relationships such as NIC NEP do not materialize; the timing and quantity of orders for the GenCore product; Plug Power's ability to develop commercially viable on-site energy products; the cost and timing of developing Plug Power's on-site energy products; market acceptance of Plug Power's on-site energy products; Plug Power's ability to manufacture on-site 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 on-site 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; Plug Power's ability to protect its intellectual property; Plug Power's ability to lower the cost of its on-site 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 on- site 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, 2005, filed with the Securities and Exchange Commission ("SEC") on March 14, 2006, 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 press release.
Plug Power Inc.
CONTACT: Cynthia Mahoney White, Director, Marketing Communications ofPlug Power Inc., +1-518-782-7700 ext. 1973, or Mobile, +1-518-527-1172, orcynthia_mahoneywhite@plugpower.com
Web site: http://www.plugpower.com/
Source: PRNewswire-FirstCall
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