DTE Energy to Sell Portion of Plug Power Ownership as Part of its Cash Generation Plan
25 Maggio 2004 - 3:34PM
PR Newswire (US)
DTE Energy to Sell Portion of Plug Power Ownership as Part of its
Cash Generation Plan DETROIT, May 25 /PRNewswire-FirstCall/ -- DTE
Energy announced today that it sold, through its wholly owned
subsidiary DTE Energy Ventures Inc., 3.5 million shares of the
stock it owns in Plug Power Inc. , a fuel-cell development and
manufacturing company. "DTE Energy's utilities face near-term
regulatory issues including rate cases that have resulted in a
renewed focus on cost management and cash generation," said Dave E.
Meador, senior vice president and chief financial officer. "In this
environment we have taken a range of near-term actions to conserve
and generate cash. This sale of a limited portion of our Plug Power
stock is consistent with our broader corporate initiative. We
anticipate getting clarity on several of these regulatory issues in
the second half of this year and we have no plans at this time to
sell any additional shares of Plug stock. "We maintain the same
enthusiasm today for Plug Power technology and products as we did
when we helped form the company nearly seven years ago and we
continue to see Plug Power as an attractive investment," Meador
added. "Although we're reducing our ownership position with the
company, we'll continue to be its largest shareholder." After the
sale, DTE Energy Ventures' ownership position totals 10.6 million
shares, or 14.5 percent, down from 19.4 percent ownership. DTE
Energy continues its business relationship with Plug Power in a
number of markets. DTE Energy has placed orders for 10 Plug Power
fuel cells for its Hydrogen Technology Park in Southfield, Mich. In
addition, Detroit Edison has plans to install Plug Power fuel cells
for back-up power at its substations and is evaluating the
installation of one of Plug's H2 generation GenSite products at its
St. Clair Power Plant. "We truly value our relationship with DTE
Energy," said Roger B. Saillant, Plug Power president and CEO.
"Over the past seven years, DTE Energy has provided technical and
business support and has helped us better understand the value
proposition our products can bring to large utility customers. We
look forward to continuing this relationship in the years ahead."
Plug Power 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 Ltd., Engelhard Corp. and Celanese
Ventures. The company's headquarters are in Latham, N.Y., with
offices in Washington, D.C. and The Netherlands. DTE Energy is a
Detroit-based diversified energy company involved in the
development and management of energy-related businesses and
services nationwide. Its largest operating units are Detroit
Edison, an electric utility serving 2.1 million customers in
Southeastern Michigan, and MichCon, a natural gas utility serving
1.2 million customers in Michigan. Information about DTE Energy is
available at http://dteenergy.com/ . DATASOURCE: DTE Energy
CONTACT: Scott Simons of DTE Energy, +1-313-235-8808; or Dave
Neumann of Plug Power, +1-518-782-7700 Web site:
http://www.dteenergy.com/
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