PLUG Plug Power Inc

Plug Power to Participate in Recently Awarded Clean Energy Programs LATHAM, N.Y., July 1 /PRNewswire-FirstCall/ -- Plug Power Inc. (NASDAQ:PLUG) expects to participate in recently announced clean energy projects funded by the New York State Energy Research and Development Authority (NYSERDA). The funding is part of Governor George E. Pataki's initiative to increase clean energy projects across the state, which will help finance distributed generation and combined heat and power projects in New York. (Logo: http://www.newscom.com/cgi-bin/prnh/20021024/PLUGLOGO ) "This is yet another opportunity for NYSERDA and Plug Power to demonstrate the effectiveness and flexibility of fuel cell technology," said NYSERDA President Peter R. Smith. "NYSERDA recognizes the value fuel cells offer to the State's energy mix, especially in combined heat and power applications. Over the past several years, NYSERDA and Plug Power have collaborated on some exciting initiatives, and I know we both look forward to the positive impact these projects will have on New York's energy future." The clean energy projects include: * Rural/remote area, grid-independent fuel cell system for public safety/wireless communication network demonstration project. Plug Power will work with Crown Communication New York, Inc., a subsidiary of Crown Castle International, the world's leading independent owner and operator of shared wireless communications and broadcast infrastructure. Fuel cell systems will operate in both prime and backup power configurations supporting wireless telecommunication sites along Interstate 87 in the environmentally sensitive Adirondack Region of New York. * Hybrid proton exchange membrane (PEM) fuel cell -- battery storage system for grid support and natural gas load management in multi-family applications. Plug Power will partner with 1st Rochdale Cooperative Group, Ltd, Delaware County Electric Cooperative, and the National Rural Electric Cooperative Association to support natural gas and propane fuel cell system installations in New York City and Delaware County, New York respectively. The systems will be installed to evaluate an innovative combination of batteries supplied by Gaia Power Technologies, Inc., and Plug Power fuel cell systems for electric load leveling. * Feasibility study of high-temperature PEM fuel cell-based tri- generation systems. Plug Power will work with CDH Energy Corporation, a provider of energy analysis services for utilities, government labs, research organizations, building owners and industrial clients. Together the companies will conduct a feasibility study to determine the benefits of using high-temperature PEM fuel cell technology for a variety of applications utilizing electricity, heat and thermally-activated cooling. NYSERDA's Combined Heat and Power and Distributed Generation Program is designed to increase the availability of clean, efficient generation capacity and support the development of advanced technologies for use in combined heat and power applications. NYSERDA has funded several projects and demonstrations for the advancement of fuel cell technology throughout the State of New York. 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 Celanese Ventures. 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. http://www.newscom.com/cgi-bin/prnh/20021024/PLUGLOGODATASOURCE: Plug Power Inc. CONTACT: Cynthia Mahoney White, Manager, Public Relations & Marketing, Mobile, +1-518-527-1172, Phone, +1-518-782-7700, ext. 1973, for Plug Power Inc.

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