PLUG Plug Power Inc

Plug Power to Install GenSite(TM) Hydrogen Generators Under Recently Awarded NYSERDA Programs LATHAM, N.Y., Jan. 18 /PRNewswire-FirstCall/ -- Plug Power Inc. (NASDAQ:PLUG), a leading provider of clean, reliable on-site energy, announced today that the company intends to install two GenSite(TM) hydrogen generators under two recently awarded programs sponsored by the New York State Energy Research and Development Authority (NYSERDA). "Under the strong leadership of Governor Pataki, NYSERDA has been helping to advance hydrogen and fuel cell technologies, with Plug Power being a key player," said NYSERDA President Peter R. Smith. "We are excited about funding these two projects because they involve the use of hydrogen in real life applications much sooner than we anticipated." Under the first program, Plug Power will partner with award winner American Honda Motor Co., Inc., Air Products and Chemicals, Inc. and Homeland Energy to provide the refueling infrastructure necessary for fuel cell vehicles, including two Honda FCX's recently leased by the State of New York. The program calls for Plug Power to install a GenSite hydrogen generator at the Company's Latham location capable of directly fueling fuel cell vehicles and the Air Product's HF-150 mobile refueler which will be located at the State's Harriman Campus in Albany, NY. According to public sources, as of Nov 2004, there were more than seventy hydrogen-refueling stations installed for hydrogen refueling projects. Currently, California, New York and Florida have hydrogen highway initiatives and the number of states starting to fund these projects is expected to increase. As part of the second project, Plug Power will partner with Albany NanoTech a leading global center for nanotechnology research and development based at the University at Albany, SUNY to integrate a GenSite system into the existing hydrogen infrastructure. The NanoTech Center utilizes hydrogen in research and development of semiconductors and this project will enable the partners to explore the applicability of on-site hydrogen generation within the semiconductor industry while gaining critical applications knowledge at a highly visible site. "Plug Power has been an important partner for us, not only because of their leadership position within the fuel cell industry, but also because of their commitment to high-tech innovation, which perfectly mirrors our mission at Albany NanoTech's E2TAC," said Pradeep Haldar, Professor of the College of Nanoscale Science and Engineering and Director of E2TAC. "Over the past several years, we've worked side by side in incorporating nanotechnology concepts into fuel cell development. We anticipate that the GenSite system will be a key component at Albany NanoTech, and that this project will pave the way for a more widespread use of alternative energy sources for even the most mission-critical applications." Plug Power and project partners expect the hydrogen generators to be installed later this year once final contract negotiations are complete. About GenSite(TM) GenSite(TM) hydrogen generation systems provide on-site generation of pure, compressed hydrogen gas for industrial gas applications. Based on Plug Power's auto thermal reforming technology, which has been proven in more than 400 field installations and two million hours of field run time, GenSite systems reduce the need for transportation and storage of hydrogen gas cylinders and tube trailers, lower the cost of supplying hydrogen gas, and provide a secure source of hydrogen on site. About Plug Power Plug Power Inc. designs and develops on-site energy systems based on proton exchange membrane fuel cells. Plug Power's strategic partners include GE Fuel Cell Systems, DTE Energy Technologies, Vaillant GmbH, Honda R&D Co., Ltd., Engelhard Corporation and PEMEAS GmbH. The Company's headquarters are located in Latham, N.Y., with offices in Washington, D.C., and The Netherlands. This press release may contain statements, which are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements contain projections of Plug Power's future results of operations, Plug Power's product development expectations or of Plug Power's financial position or state other forward-looking information. In some cases you can identify these statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words. You should not rely on forward-looking statements because Plug Power's actual results may differ materially from those indicated by these forward- looking statements as a result of a number of important factors. These factors include, but are not limited to, 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 reliance on its relationship with certain affiliates of General Electric (GEFCS); Plug Power's ability to perform on its multi- generation product plan in a manner satisfactory to GEFCS; 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; the ability to raise and provide the necessary capital to develop, manufacture and market 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; fluctuations in the trading price and volume of Plug Power's common stock and other risks and uncertainties discussed under the heading "Factors Affecting Future Results" in Plug Power's annual report on Form 10-K for the fiscal year ended December 31, 2003, dated March 11, 2004 and filed with the Securities Exchange Commission on March 11, 2004, and the reports Plug Power files from time to time with the Securities and Exchange Commission. Plug Power does not intend to and undertakes no duty to update the information contained in this press release. DATASOURCE: Plug Power Inc. CONTACT: Cynthia Mahoney White, Manager, Public Relations & Marketing, for Plug Power Inc., +1-518-782-7700, ext. 1973 Web site: http://www.plugpower.com/

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