January 23, 2007
By: by Cynthia Mahoney White, Plug Power
LATHAM, NY - December 14, 2006 - Plug Power Inc. (NASDAQ: PLUG) and Vaillant Group of Germany have been selected by the European Commission to receive a grant for the international development and demonstration of three high temperature combined heat and power proton exchange membrane (HT-PEM) fuel cell system prototypes.
"This grant helps Plug Power and its partners accelerate the application of fuel cell systems as heat and power sources for commercial and residential structures," said Dr. Roger Saillant, Plug Power's CEO. "Moreover, the project sets an exciting precedent for the future of fuel cell development as a response to the increasing global demand for transformational clean energy products."
The European Commission will provide €2.5 million in funding for the project, which is estimated to have a total value of more than €11 million over a two-year period. In October, the U.S. Department of Energy awarded $3.6 million to support the international collaboration. This is the first cooperative program in fuel cell technology between the two government entities.
"Vaillant Group and Plug Power have successfully developed and tested three generations of micro combined heat and power fuel cells for more than six years. The project is a consequent further step in our partnership and offers a great potential to improve technology based on HT-PEM," said Dr. Michel Brosset, Vaillant Group's Managing Director. "We are looking forward to this very interesting international collaboration."
Plug Power's operations in the Netherlands will be instrumental in coordinating the transatlantic collaboration. In addition to Plug Power and Vaillant Group, other companies and organizations participating in the development project are PEMEAS, Domel Elektromotorji, the Bulgarian Academy of Sciences, Gaia Group and the Imperial College of London.
About Plug Power
Plug Power Inc. (NASDAQ: PLUG), an established leader in the development and deployment of clean, reliable, on-site energy products, currently integrates fuel cell technology into backup power products for telecommunications, utility and uninterruptible power supply applications. The Company is actively engaged with private and public customers in targeted markets, including the United States, Europe, Middle East, Russia, South Africa and South America. 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.
About Vaillant Group
Headquartered in Remscheid, Germany, Vaillant Group is an internationally successful group that focuses on heating and air-conditioning technology. As one of the world's market and technology leaders, the company develops and produces tailor-made products, systems and services for domestic comfort. In 2005, Vaillant Group, which has been family-owned since its founding in 1874, achieved sales totaling €1.8 billion with about 8,600 employees.