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Plug Power Announces Third Quarter 2013 Financial Results

LATHAM, N.Y., Nov. 14, 2013 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today reported its financial results for the third quarter 2013.

The Company continues to experience a significant increase in its bookings since it announced a $6.5 million strategic funding round from partner Air Liquide in May 2013. Orders have been fueled by the investment news, coupled with an investor update on October 8 th. On this call, CEO, Andy Marsh, discussed the Company's plans to expand into providing hydrogen, its growth in European markets, and several multi-site customer deals that were in negotiation.

The growing sales momentum clearly displays Plug Power's movement upwards: January 1 – May 15: $1M USD in bookings May 15 – October 8: $11M USD in bookings October 8 – November 14: $14M USD in bookings

In total, for 2013 to date, sales orders have totaled $26 million.

These bookings are a mix of product sales and maintenance orders from significant customers including Kroger, Procter & Gamble, Bridgestone, Walmart, BMW and Ace Hardware and Sysco. The Company is still in negotiations with large customers seeking sales agreements to power forklift truck fleets at multiple distribution centers. Several of these agreements are expected to close in the fourth quarter of 2013.

"The demand for fuel cells in the material handling market has always been robust. Our customers are expanding their successful deployments – and the word is spreading in the industry. Now that we have a strong balance sheet, that demand is turning into orders," said Andy Marsh. "I'm expecting a 'blowout' number of orders in the fourth quarter as we start to close some of these multi-site deals and gain new customer wins. I believe that this momentum will result in the 2014 revenue we need to achieve our EBITDAS break even goal."

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