Plug Power Announces Strategic Arrangement With Somerset Capital Group
LATHAM, N.Y., Nov. 9, 2010 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced that it has developed a strategic arrangement with Somerset Capital Group, Ltd., Milford, CT ("Somerset") in which Somerset will act as Plug Power's global customer lease provider for its industry-leading GenDrive TM fuel cell solutions. Plug Power's GenDrive TM systems are a superior solution to lead-acid batteries in electric lift trucks in the $19.9 billion material handling industry.
Plug Power and Somerset have already executed on marketplace opportunities for Plug Power's clients, most recently facilitating the placement of hydrogen fuel cells into service at BMW's South Carolina facility. The companies hope to leverage Somerset's asset management and international equipment leasing capabilities to drive further market penetration for Plug Power's state-of-the-art clean energy solutions.
"Plug Power continues to address all aspects of establishing a commercial and profitable business," said Gerry Anderson, CFO at Plug Power. "Working closely with a credible leasing partner such as Somerset allows Plug Power to focus on executing sales and delivering product."Somerset's CEO, Evan Bokor, commented, "We are proud to have the opportunity to partner with Plug Power in providing financing solutions for their products. We believe the green energy arena has significant long-term growth opportunities and we are excited about the prospects of assisting visionary companies such as Plug Power in breaking new ground and taking strides towards achieving greater energy independence for our country." 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 our key accounts, including Wegmans, Whole Foods, and FedEx Freight. With more than 1,000 units in the field and over 1.5 million hours of runtime, Plug Power manufactures tomorrow's incumbent power solutions today. Visit us at www.plugpower.com. The Plug Power Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4446 About Somerset Capital Group, Ltd. Delivering asset management and equipment leasing capabilities to customers in the U.S., Canada, Europe and Asia, Somerset Capital Group, Ltd. is a leading provider of domestic and international financial services solutions to clients ranging from upper middle-market enterprises to the Fortune 1000 and major multinationals. Evidenced by its decades long customer relationships, Somerset's service levels, client-focus and global vision continue to exceed the market's expectations.
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