LATHAM, N.Y., April 25, 2011 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, hosted Congressman Paul Tonko and Congressman Chris Gibson at its Latham, NY headquarters today. The two Congressmen are partnering on a bipartisan green jobs bill which has been introduced in the House of Representatives, H.R. 1659 Fuel Cell Industrial Jobs Act of 2011 (). The legislation will improve the current tax credit for fuel cell-powered industrial vehicles. For Plug Power, the expanded credit would cover the electric lift trucks which are powered by its GenDrive® hydrogen fuel cells.
"Plug Power thanks Congressman Tonko and Congressman Gibson for their support of hydrogen fuel cell solutions," said Andy Marsh, CEO at Plug Power. "During a time when fuel cell and hydrogen funding is experiencing cut backs at the national level, these two Congressmen recognize the commercial benefits fuel cells deliver today, as well as the impact fuel cells have toward our Nation's ongoing efforts for energy independence."
This bill is based on legislation authored by Congressman Tonko last year and introduced into the last session of Congress. Congressman Gibson is supporting the bill as an original co-sponsor. Both Tonko and Gibson have recently toured Plug Power and have historically been strong supporters of the clean energy solutions and green jobs the company brings to the New York State Capital Region.
The progressive legislation announced is intended to amend section 30B of the Energy Policy Act of 2005, also known as the Alternative Motor Vehicle Credit (AMVC). The proposed legislation expands the definition of "fuel cell motor vehicle" to include fuel cell-powered material handling vehicles. Changes to the AMVC will provide tax credits for companies to invest in fuel cell-powered industrial vehicles, providing additional economic incentives to Plug Power's customers and industry partners.
The bill also reforms section 48C of the tax code to apply tax credits to material handling fuel cells based on the vehicle's kilowatt capacity. The modifications to section 48C provide a new qualified fuel cell motive property credit based on kilowatt capacity – an objective, widely accepted and verified industry standard measurement.
"With this legislation we make needed changes that will help make it easier for companies to transition to a clean energy alternative that will help them improve productivity and save money," said Congressman Tonko. "It's critical that we take advantage of new technologies that will help green up our energy outcome – and give a boost to an American industry that has a tremendous potential to create thousands of new jobs."
"I firmly believe that an essential part of our economic recovery is providing businesses with clean, reliable, and affordable sources of power," said Congressman Gibson. "Plug Power is a leader here in our backyard in developing clean fuel cell solutions that will increase our energy independence. I have been impressed by the existing forklift technology that Plug Power is already manufacturing as well as the potential future applications for a wide variety of business customers. As fuel cells commercialize, businesses will be able to access a clean and cost-effective power solution and this legislation will aid that effort."
GenDrive is a superior alternative to lead-acid batteries as a power source for electric lift trucks. By converting electric lift truck fleet operations to GenDrive hydrogen fuel cell power solutions, customers are able to increase productivity and lower operating costs with only heat and water as a byproduct. Fuel cells allow for significant greenhouse gas emission reductions – up to 90% when compared to electric battery powered units. Extending financial incentives to material handling vehicles will help accelerate and facilitate large-scale conversions to green technology at manufacturing and distribution centers across the 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 1,200 GenDrive units shipped to material handling customers, accumulating 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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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 and shipments 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, but not limited to: the risk that we continue to incur losses and might never achieve or maintain profitability, the risk that the additional capital we expect we will need to raise to fund our operations beyond the first quarter of 2012 may not be available; our lack of extensive experience in manufacturing and marketing products may impact our ability to manufacture and market products on a profitable and large-scale commercial basis; the risk that unit orders will not ship, be installed and/or converted to revenue, in whole or in part; the risk that pending orders may not convert to purchase orders, in whole or in part; the risk that our continued failure to comply with NASDAQ's listing standards may severely limit our ability to raise additional capital; the cost and timing of developing, marketing and selling our products and our ability to raise the necessary capital to fund such 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 systems; 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 our GenDrive systems; competitive factors, such as price competition and competition from other traditional and alternative energy companies; our ability to protect our intellectual property; the cost of complying with current and future federal, state and international 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, 2010, filed with the Securities and Exchange Commission ("SEC") on March 31, 2011, 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