PLUG
POWER ANNOUNCES TWO NEW DISTRIBUTION PARTNERS
TO ACCESS TARGETED MARKETS IN U.S. AND SOUTH KOREA
March
09, 2006
LATHAM,
N.Y. – Plug Power Inc. (NASDAQ: PLUG), a leader in providing
clean, reliable on-site energy, today announced agreements with LOGANEnergy®
Corp. and Pacific Telepoint Inc. to distribute the Company’s
GenCore® Fuel Cell systems to customers in the United States and
South Korea, respectively.
Consistent
with Plug Power’s sales and marketing strategy, these new distributors
will be targeting customers in the telecom, utility and public sectors,
where the need for reliable, extended-run backup power is critical.
LOGANEnergy® plans to target their existing customer base of government
agencies such as the U.S. Department of Defense, U.S. Department of
State and the Federal Aviation Administration. Pacific Telepoint intends
to distribute Plug Power’s GenCore systems to various South
Korean telecommunication, industrial and utility companies.
“In
keeping with our 2006 milestone of expanding our network of channel
and strategic partners, I am pleased to announce the addition of LOGANEnergy®
and Pacific Telepoint to the family of GenCore distributors,”
said Mark Sperry, Chief Marketing Officer of Plug Power. “Both
LOGANEnergy® and Pacific Telepoint have made purchase commitments and
have already sold and installed GenCore systems with key end user
accounts in their respective territories.”
The
GenCore product line includes backup power products for the telecommunication,
uninterruptible power supply and electric utility markets. The hydrogen-fueled
GenCore 5-kilowatt backup Fuel Cell system is available in seven configurations
to serve the broad needs of these applications.
About
LOGANEnergy® Corp.
LOGANEnergy® Corp. works closely with Fuel Cell manufacturers to assist
their commercialization strategies. Its product catalog includes PEM,
PAFC and CARBONATE power plants ranging from 5kW to 2MW capacities
designed for Residential/Light Commercial, Commercial and Industrial
applications. The company's staff has installed more than 75 fuel
cell power plants exceeding 8MW capacity at more than 65 locations.
Customers include Department of Defense, Fuel Cell manufacturers,
utilities, banks, universities, real estate developers and other business
centers.
About
Pacific Telepoint Inc.
Pacific Telepoint Inc. is a newly formed company combining the strengths
of Solectek and CHP-Tech. Solectek manufactures Non Line of Sight
(NLOS) communication systems and wireless system integrator for enterprise
networks, government networks, carrier traffic backhauls and video
surveillance. CHP-Tech is an experienced installer of Fuel Cell systems
for prime power, hydrogen vehicle refueling, and backup power. Customers
include local natural gas, LPG and city gas companies, telecommunication
service providers and universities.
About
Plug Power
Plug Power Inc. is an established leader in the deployment of clean,
reliable, on-site energy products. More than 600 Plug Power Fuel Cell
systems have been delivered to customers worldwide in commercial,
public sector, telecommunications, utility and uninterruptible power
supply markets. 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.
###
This
press release may contain statements, which are not historical facts
and are considered forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
contain projections of Plug Power’s future results of operations,
Plug Power’s product development expectations or of Plug Power’s
financial position or state other forward-looking information. In
some cases you can identify these statements by forward-looking words
such as “anticipate,” “believe,” “could,”
“estimate,” “expect,” “intend,”
“may,” “should,” “will” and “would”
or similar words. You should not rely on forward-looking statements
because Plug Power’s actual results may differ materially from
those indicated by these forward-looking statements as a result of
a number of important factors. These factors include, but are not
limited to, Plug Power’s ability to develop commercially viable
on-site energy products; the cost and timing of developing Plug Power’s
on-site energy products; market acceptance of Plug Power’s on-site
energy products; Plug Power’s reliance on its relationship with
certain affiliates of General Electric (GEFCS); Plug Power’s
ability to perform on its multi-generation product plan in a manner
satisfactory to GEFCS; Plug Power’s ability to manufacture on-site
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 on-site energy products; the ability
to raise and provide the necessary capital to develop, manufacture
and market Plug Power’s on-site 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; Plug Power’s ability
to protect its intellectual property; Plug Power’s ability to
lower the cost of its on-site 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 on-site energy products;
fluctuations in the trading price and volume of Plug Power’s
common stock and other risks and uncertainties discussed under the
heading “Factors Affecting Future Results” in Plug Power’s
annual report on Form 10-K for the fiscal year ended December 31,
2004, dated March 15, 2005, and filed with the Securities Exchange
Commission on March 15, 2005, and the reports Plug Power files from
time to time with the Securities and Exchange Commission. Plug Power
does not intend to and undertakes no duty to update the information
contained in this press release.
Contact:
Cynthia Mahoney White
Manager, Public Relations & Marketing
Phone: (518) 782-7700 ext. 1973
Mobile: (518) 527-1172
cynthia_mahoneywhite@plugpower.com
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