LATHAM, N.Y., Jan. 26, 2011 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, reflects on the positive impact the company has seen in job creation due to President Obama's support of important tax legislation and the continued commercialization of clean energy solutions. As discussed in the State of the Union address on January 25, 2011, Congress has provided and extended important tax credits which help create green jobs and sell green energy within the United States and abroad. "In the nation's effort to achieve energy independence, hydrogen fuel cells have emerged as a promising solution, developed and manufactured right here in Upstate New York," said Andy Marsh, CEO at Plug Power. "With progressive policy in place to level the playing field, institutional roadblocks standing in the way of broader market adoption for clean and efficient energy can be overcome. Plug Power applauds President Obama and his administration for seeing the correlation between alternative energy and job growth, economic upturn and environmental progress." Specific to Plug Power's business, the company has been able to add 20 new manufacturing jobs to its facility in Latham, NY where its GenDrive fuel cell units are completely manufactured. As the leader in the alternative energy space, Plug Power has brought the innovation of fuel cell products from research and development to commercial implementation. Plug Power has set the bar for hydrogen and fuel cell technology especially in the material handling space where the company has over 1,000 units in the field today. Plug Power currently has an 85% market share in the fuel cell powered material handling industry and is transforming the U.S. fuel cell manufacturing industry into a globally competitive force that will lead to the export, rather than the import, of these innovative energy products.
The Company's 50,000 sq. ft. manufacturing facility is capable of building 10,000 GenDrive units each year. In part due to positive tax credit and other incentives in place, Plug Power witnessed its customer base significantly accelerate in 2010 with the addition of customers like Sysco Houston, United Natural Foods, Inc. and BMW.Plug Power's fuel cell units are comprised of parts from over 100 suppliers throughout the United States. As customers continue to purchase GenDrive fuel cell units from Plug Power, the component suppliers see an increase in business as well. Every 1,000 GenDrive units Plug Power builds dispenses millions of dollars in orders to vendors in the company's supply chain, who employ over 62 thousand people in the U.S. Congressman Paul D. Tonko commented, "I commend the President for his bold vision on transforming our energy future – the evidence is clear: American leadership in clean energy technologies will create good jobs here at home, reduce our dependence on fossil fuels, and preserve our environment for generations to come. However, we are woefully behind other countries in these areas. I agree with the President, and have been advocating for years – this is the Sputnik moment of our time. Meeting this challenge and winning the global race on energy promises to transform our economy and lead to greater opportunities for future generations – in the same way the Space Race led to the advancements we enjoy today. Companies like Plug Power are meeting this challenge and helping customers transition to clean energy technologies with that added benefit – job creation." Senator Charles Schumer commented, "Last night we heard the President focus on job creation and a plan to grow our economy for the future. It's companies like Plug Power that are going to lead this effort, harnessing the creativity and ingenuity of Upstate New Yorkers. Our state is home to some of the toughest, smartest, hardest working people in the country – we can compete with anyone. Hundreds of middle-class workers are already at work building the hydrogen fuel cells of tomorrow, and thanks to companies like Plug Power, our future is bright."
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 2 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 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 expectations regarding revenues and product orders for 2011. 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 our control and that may cause our actual results to differ materially from the expectations in our 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 our products and our ability to raise the necessary capital to fund such development costs; the ability to achieve the forecasted gross margin on the sale of our 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 our products; market acceptance of our GenDrive system; our 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 our products; our ability to develop commercially viable products; our ability to reduce product and manufacturing costs; our ability to successfully expand our product lines; our ability to improve system reliability for GenDrive; competitive factors, such as price competition and competition from other traditional and alternative energy companies; our ability to manufacture products on a large-scale commercial basis; our ability to protect our intellectual property; the cost of complying with current and future governmental regulations; and other risks and uncertainties discussed under "Item IA-Risk Factors" in our annual report on Form 10-K for the fiscal year ended December 31, 2009, filed with the Securities and Exchange Commission ("SEC") on March 16, 2010, and the reports we file 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