Plug Power and Vaillant Group Receive Award From European Commission for Fuel Cell System Prototypes
14 Dicembre 2006 - 6:01AM
PR Newswire (US)
LATHAM, N.Y., Dec. 14 /PRNewswire-FirstCall/ -- 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 euro 2.5 million in
funding for the project, which is estimated to have a total value
of more than euro 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 http://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 euro 1.8 billion with about 8,600
employees. 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 strategic
benefits of the Smart Hydrogen transaction do not materialize, 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. DATASOURCE:
Plug Power Inc. CONTACT: Cynthia Mahoney White of Plug Power Inc.,
+1-518-782-7700 ext. 1973, Mobile: +1-518-527-1172, ; or Nick
Crounse of Sawchuk, Brown Associates, +1-518-462-0318 ext. 143, Web
site: http://www.plugpower.com/
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