LATHAM, N.Y., Nov. 19, 2008 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, and National Grid, an international natural gas and electric utility, today announced a partnership with the U.S. Department of Energy (DOE) to conduct the first field trial of Plug Power's new micro-CHP (combined heat and power) GenSys(r) fuel cell system. Fueled by natural gas, the 5 kilowatt GenSys will provide electricity and high-quality heat to a National Grid customer in New York State.
As part of the competitively selected project, Plug Power will design, build, install and test the high-temperature GenSys unit. National Grid will facilitate site selection and installation and analyze the performance of the system, collecting critical data. Collaboratively, Plug Power and National Grid will determine system refinements for incorporation into the next-generation system design.
"This is a pivotal point in time for Plug Power, as we watch GenSys, the future of residential and light commercial CHP appliances, enter its first field trial under real-world working conditions," said Andy Marsh, president and CEO of Plug Power. "Plug Power has dedicated a decade to the development of its residential system. Our partnership with National Grid will help expedite commercialization, making 20%-40% reduction in home energy costs and 35% reduction in home carbon emissions obtainable for consumers."
Plug Power's current CHP fuel cell unit is the result of many years of development activity that began with trials at the Long Island Power Authority (LIPA). Research, development and testing done at LIPA provided valuable data from which Plug Power developed appropriate technology for light commercial and residential applications. For example, the high-temperature proton exchange membrane supplied by BASF Fuel Cell GmbH allows for higher CO tolerance which simplifies fuel processing. This results in improved reliability and lower costs.
"National Grid is looking forward to working with Plug Power. We believe this technology has the potential to provide great benefits for our customers, the environment and the emergent green economy in New York," said Stan Blazewicz, vice president, Head of Global Technology at National Grid.
Plug Power's high-temperature GenSys fuel cell unit will be on display today and tomorrow, November 19-20, at the Advanced Energy Conference at the Hyatt Regency Windwatch in Hauppauge, New York.
About Plug Power Inc.
Plug Power Inc. (Nasdaq:PLUG), an established leader in the development and deployment of clean, reliable energy solutions, integrates fuel cell technology into motive, continuous and backup power products. The Company is actively engaged with private and public customers in targeted markets throughout the world. For more information about how to join Plug Power's energy revolution as an investor, customer, supplier or strategic partner, please visit www.plugpower.com.
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About National Grid
National Grid is an international energy delivery company. In the U.S., National Grid delivers electricity to approximately 3.3 million customers in Massachusetts, New Hampshire, New York and Rhode Island, and manages the electricity network on Long Island under an agreement with the Long Island Power Authority (LIPA). It is the largest distributor of natural gas in the northeastern U.S., serving approximately 3.4 million customers in Massachusetts, New Hampshire, New York and Rhode Island. National Grid also owns over 4,000 megawatts of contracted electricity generation that provides power to over one million LIPA customers.
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This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding our growth plans. We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict or control and that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements, including, without limitation, the risk that the restructuring results in greater restructuring charges or less cost savings; the risk that the FCC does not adopt rules regarding back up power requirements; the risk that unit orders will not ship, be installed and/or convert to revenue, in whole or in part; Plug Power's ability to develop commercially viable energy products; the cost and timing of developing Plug Power's energy products; market acceptance of Plug Power's energy products; Plug Power's ability to manufacture energy products on a large-scale commercial basis; competitive factors, such as price competition and competition from other traditional and alternative energy companies; the cost and availability of components and parts for Plug Power's energy products; Plug Power's ability to establish 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 fuel and fueling infrastructures for Plug Power's energy products; Plug Power's ability to protect its Intellectual Property; Plug Power's ability to lower the cost of its energy products and demonstrate their reliability; the cost of complying with current and future governmental regulations; the impact of deregulation and restructuring of the electric utility industry on demand for Plug Power's energy products; and other risks and uncertainties discussed under "Item IA-Risk Factors" in Plug Power's annual report on Form 10-K for the fiscal year ended December 31, 2007, filed with the Securities and Exchange Commission ("SEC") on March 17, 2008, and the reports Plug Power files from time to time with the SEC. Plug Power does not intend to and undertakes no duty to update the information contained in this communication.