News

January 23, 2007

Plug Power Announces Achievement Of 2006 Milestones

By: by Cynthia Mahoney White, Plug Power

Source:

LATHAM, NY - January 10, 2007 - Plug Power Inc. (NASDAQ: PLUG), a leader in providing clean, reliable on-site energy products, today announced the achievement of its 2006 milestones.

"Plug Power has consistently delivered in meeting its public milestones year after year. The Company's 2006 milestones were focused on furthering market adoption through the strengthening of existing customer relationships and the establishment of new strategic relationships worldwide," said Dr. Roger Saillant, Chief Executive Officer. "As we work on developing these markets, we see numerous international and domestic opportunities in both the private and public sector. We anticipate leveraging the momentum that we established during 2006 for continued growth in 2007."

2006 public milestones achieved include:

Secure between 500 and 750 new system orders: Plug Power received orders for 539 systems during 2006, representing a 66 percent year-over-year increase. The Company made strong progress in foreign markets, where unreliable grid infrastructure and harsh climates are favorable to the GenCore backup fuel cell systems' performance and economic proposition. More than 65 percent of 2006 orders came from outside the United States, underscoring the opportunities in foreign markets.

Expand and adjust global network of distributors and strategic partners: Plug Power focused on developing relationships with key partners to accelerate technology development and market engagement. Collaboration of note in 2006 included:

  • Established a significant relationship with Smart Hydrogen, a joint venture of Interros and Norilsk Nickel that was formed to participate in the global hydrogen economy, resulting in a $217 million investment in Plug Power
  • Signed a Strategic Partner Agreement with the National Innovation Company New Energy Projects to collaborate on technology and market development activities in Russia
  • Formed a collaborative relationship with NexTech Materials, Ltd. to investigate development of solid oxide fuel cell power systems
  • Secured with Ballard Power Systems a $2 million award from the U.S. Department of Defense to develop an advanced prototype proton exchange membrane (PEM) fuel cell system to support Defense Continuity of Operations
  • Strengthened relationship with IST Holdings Ltd. through a follow-on purchase order for 120 GenCore systems for distribution in South Africa
  • Secured funding from the European Commission and U.S. Department of Energy for an unprecedented transatlantic collaboration with Vaillant Group, PEMEAS, Domel Elektromotorji, the Bulgarian Academy of Sciences, Gaia Group and the Imperial College of London to develop and demonstrate three high temperature combined heat and power PEM fuel cell system prototypes

    Expand GenCore® product line feature set: At the 9th Annual GSM 3G Africa conference, the Company introduced its new battery-free GenCore backup fuel cell system using ultracapacitor technology. Plug Power designed the ultracapacitor solution option for customers to provide more reliable and durable on-site backup power in remote regions with severe climates that adversely effect battery life spans and overall performance.

    Expand testing and evaluation of next-generation GenSys® continuous run product with targeted telecommunications customers: A major U.S. wireless telecommunications provider commissioned a GenSys evaluation system at a cell tower to demonstrate the product's viability in providing primary power to communications equipment.

    Execute against contracts with Honda R&D for ongoing research and the joint design and development of the fourth-generation Home Energy Station (HES): Plug Power continued to work with Honda on the HES and collaborated on fundamental research and development work.

    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.