Schumer's Expansion of Tax Break to Benefit Plug Power Fuel Cell Customers
26 Luglio 2011 - 4:29PM
Plug Power Inc. (Nasdaq:PLUG) a leader in providing clean, reliable
energy solutions, today announced that U.S. Senator Charles E.
Schumer has revealed legislation to improve the tax credit for fuel
cell-powered industrial vehicles to include fuel cells designed for
heavy machinery and off-highway vehicles. Schumer unveiled
legislation in the Senate to match that of Congressmen Paul Tonko
and Chris Gibson in the House of Representatives.
Plug Power's GenDrive® fuel cells replace lead-acid batteries in
electric lift trucks. The current tax credit provides significant
incentives to buyers of fuel cells for cars and trucks, and a
separate credit for power generation, but neither credit
specifically targets fuel cells designed for material handling
vehicles. Passing the tax credit will mean a break of between
$8,000 and $40,000 for buyers, depending on the nameplate kilowatt
capacity or weight of the fuel cell material handling vehicle.
Senator Schumer's legislation is intended to amend section 30B
of the Energy Policy Act of 2005, also known as the Alternative
Motor Vehicle Credit (AMVC). The proposed legislation expands the
definition of "fuel cell motor vehicle" to include fuel
cell-powered material handling vehicles. Changes to the AMVC will
provide tax credits for companies to invest in fuel cell-powered
industrial vehicles, providing additional economic incentives to
Plug Power's customers and industry partners.
The bill also reforms section 48C of the tax code, to provide a
new qualified fuel cell motive property credit based on a vehicle's
nameplate kilowatt capacity – an objective, widely accepted and
verified industry standard of measurement.
"Fuels cells save energy and help the environment regardless of
whether they're attached to a car or a forklift, and this new
legislation will ensure that companies that produce either type of
vehicle are treated equally," said Schumer. "By leveling the
playing field, we have the potential to create hundreds of jobs
here in the Capital Region and to allow Plug Power, one of the
world's preeminent manufacturers of fuel cells, to compete on a
level playing field."
Plug Power's headquarters are in Latham, NY, where over 100 New
York State residents are employed. Extending the tax credit to
include Plug Power's customers in the material handling sector,
would provide a boost to the company in terms of manufacturing
pipeline, job creation and supplier relationships. The Department
of Energy currently estimates that the domestic fuel cell industry
will create 40,000 jobs over the next ten years. It's critical that
domestic fuel cell producers and suppliers are supported under the
AMVC credit in order to meet, or exceed, these targets and keep the
United States as the leader in fuel cell technology.
"The expansion and improvement of the tax law is a result of the
impressive relationship Senator Schumer has been able to establish
with companies within the fuel cell industry," said George McNamee,
Chairman of the Board of Directors for Plug Power. "His dedication
to the commercialization of alternative energy solutions will only
make our Capital Region, State and Nation stronger."
"Senator Schumer's progressive legislation sheds light on the
remarkable affects that fuel cell market growth can bring to New
York State," said Andy Marsh, CEO at Plug Power Inc. "By helping to
commercialize sustainable fuel cell power solutions, thousands of
green jobs will be created in manufacturing, engineering and supply
chain domestically."
About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power
revolutionized the industry with cost-effective power solutions
that increase productivity, lower operating costs and reduce carbon
footprints. Long-standing relationships with industry leaders
forged the path for Plug Power's key accounts, including Wegmans,
Whole Foods, and FedEx Freight. With more than 1,200 GenDrive
units shipped to material handling customers, accumulating over 2.5
million hours of runtime, Plug Power manufactures tomorrow's
incumbent power solutions today. Additional information about Plug
Power is available at www.plugpower.com.
The Plug Power Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4446
Plug Power Inc. Safe Harbor Statement
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including but not limited to Plug Power's expectations
regarding expected shipments of GenDrive units for 2011 and 2012,
reductions in system cost, expanding the set of addressable
applications and increasing geographic reach. These statements are
based on current expectations that are subject to certain
assumptions, risks and uncertainties, any of which are difficult to
predict, are beyond Plug Power's control and that may cause Plug
Power's actual results to differ materially from the expectations
in Plug Power's forward-looking statements including statements
regarding the risk that unit orders will not ship, be installed
and/or convert to revenue, in whole or in part; the cost and timing
of developing Plug Power's products and its ability to raise the
necessary capital to fund such development costs; the risk that the
previously disclosed expected uses of the Company's recently raised
capital may change; the ability to achieve the forecasted gross
margin on the sale of Plug Power's products; the actual net cash
used for operating expenses may exceed the projected net cash for
operating expenses; the cost and availability of fuel and fueling
infrastructures for Plug Power's products; market acceptance of
Plug Power's GenDrive system; Plug Power's ability to establish and
maintain relationships with third parties with respect to product
development, manufacturing, distribution and servicing and the
supply of key product components; the cost and availability of
components and parts for Plug Power's products; Plug Power's
ability to develop commercially viable products; Plug Power's
ability to reduce product and manufacturing costs; Plug Power's
ability to successfully expand its product lines; Plug Power's
ability to improve system reliability for GenDrive; competitive
factors, such as price competition and competition from other
traditional and alternative energy companies; Plug Power's ability
to manufacture products on a large-scale commercial basis; Plug
Power's ability to protect its intellectual property; the cost of
complying with current and future governmental regulations; and
other risks and uncertainties discussed under "Item IA-Risk
Factors" in (i) Plug Power's annual report on Form 10-K for the
fiscal year ended December 31, 2010, filed with the Securities and
Exchange Commission ("SEC") on March 31, 2011 and (ii) in Plug
Power's quarterly report on Form 10-Q for the quarter ended March
31, 2011 filed with the SEC on May 13, 2011, as well as in the
other reports Plug Power files from time to time with the
SEC. Plug Power does not intend to, and undertakes no duty to
update any forward-looking statements as a result of new
information or future events.
CONTACT: Media Contact:
Reid Hislop
Plug Power Inc.
Phone: (518) 782-7700 ext. 1360
Investor Relations Contact:
Cathy Yudzevich
Plug Power Inc.
Phone: (518) 782-7700 ext. 1448
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