LATHAM, N.Y., Oct. 26, 2010 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced that it has licensed the intellectual property (IP) relating to its stationary power products, GenCore® and GenSys®, to IdaTech plc on a non-exclusive basis. As part of the transaction, Plug Power also sold inventory, equipment and certain other assets related to its stationary power business. Plug Power currently has over 140 patents and maintains ownership of, and the right to use, the patents and other intellectual property licensed to IdaTech. Total consideration for the licensing and assets was $5 million.
GenCore and GenSys are stationary backup and prime power sources, respectively, for telecommunication sites around the world. GenCore, a direct hydrogen-fueled product, gives wireless providers reliable, onsite power, increasing subscriber uptime in the case of lost power. GenSys, a liquid petroleum gas-fueled system, integrates state-of-the-art reforming technology to provide wireless providers with a prime power source in remote areas of the world where the electrical grid infrastructure is non-existent or unreliable.
Both products were proven as the most reliable and commercially-viable in the stationary power market. Leveraging its strong IP portfolio while staying consistent to its business strategy, Plug Power views this transaction as an important agreement for forward progress of the fuel cell industry. Currently, Plug Power remains committed to its core material handling business, where its GenDrive™ product is replacing lead-acid batteries in large distribution centers for customers such as Walmart, BMW and Sysco.
"This agreement with IdaTech is a success for Plug Power, IdaTech, and the fuel cell industry as a whole," said Andy Marsh, CEO at Plug Power. "As companies cooperate to jointly develop and commercialize the fuel cell industry, improvements across the board will be recognized, most significantly in the developing supply chain for fuel cell components. These types of agreements will continue to help drive down price and improve reliability in order achieve standardization for the industry."
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.
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IdaTech plc is an advanced fuel cell products company which is operationally headquartered in Bend, Oregon, USA and is listed on AIM with the ticker code IDA. IdaTech designs, develops, and manufactures extended run backup power fuel cell products for Telecom applications requiring up to 15 kW of backup power. IdaTech's unique PEM fuel cell technology provides solutions for a wide range of applications to directly support efforts towards sustainable energy. IdaTech's portfolio of industry-certified fuel cell products are based on the company's fuel processing, purification and fuel cell system integration capabilities. With the support of strategic partners and customers, the company's extended run backup power products are being deployed worldwide for stationary applications.
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 2010. 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: Plug Power Inc. Media Contact: Reid Hislop (518) 782-7700 ext. 1360 Investor Relations Contact: Cathy Yudzevich (518) 782-7700 ext. 1448